The assessee is an individual carrying on business of trading. In the course of search and survey the amount was  surrendered and the taxes were paid .  The Assessee suffered the loss in the undisclosed business and set off the same against the undisclosed income . The AO disallowed the loss.  On appeal the CIT (A) confirmed the order of the AO and assssed the income u/s115E of the Act .  On appeal the Tribunal held that the present appeal is against the order of Ld. CIT(A) filed by department as well as by the assessee. amended provisions are applicable from 01-04-2017 only and cannot be applied retrospectively.  As regards the addition the deletion of addition  made bey the CIT(A) was affirmed .  Tribunal also held that It is evident from entries found in cash book and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal practice of gold trade. The gold purchased in period of demonetization was towards agreed sale to persons on receiving amount therefor from those persons. Thus the source of payment for purchase of gold is out of amount received from its sales and so it is to be treated as properly explained. It is only profit on sale of said purchased gold which is income of assessee which was undisclosed income of assessee and the same could only be subjected to tax. It is settled law that in case of unaccounted sales only profit therefrom could only be taxed as income of assessee  As regards undisclosed income only profit can be taxed the Tribunal relied on following case laws   Dr. T.A. Quereshi  v .CIT 2006) 287 ITR 547(SC) ,CIT v. . Piara Singh (1980) 124 ITR 40 (SC) , CIT v. S.C. Kothari (1971) 82 ITR 794 (SC)

( AY. 2015  to 2017-18)  (ITA No. 1256, 1257, & 1258/JP/2019 dt.15-9 2020)