Held that no addition could be made for completed assessment in the absence of any incriminating material. That the suppressed sales for assessment years 2017-18, 2018-19 and part of 2019-20 with respect to P\u2019s unit were merely extrapolated sales based on three months\u2019 unaccounted sales of assessment year 2019-20. There was no evidence of suppression of sales in assessment years 2017-18, 2018-19 and remaining months of 2019-20. It was trite law that no addition could be made merely on the basis of assumption, conjectures or surmises. Unless evidence of suppression of sales in relevant years was brought on record, the suppressed sales for only a part of the month could not be extrapolated for those years. Therefore, the assessee had rightly offered the additional income only in respect of sales suppression detected at the time of search by applying the gross profit rate of accounted sales per the books of account.(AY.2013-14 to 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 153A: Assessment-Search-Suppression of sales-Running retail outlets dealing in gold-Assessing Officer is directed to make estimation of gross profit rate on suppressed sales. [S. 142(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52096","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dyg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52096"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52096\/revisions"}],"predecessor-version":[{"id":52097,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52096\/revisions\/52097"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}