TMI Blog2013 (2) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... n and not the entire turnover. Therefore, this Tribunal do not find any infirmity in the order of the lower authority. Accordingly, the same is confirmed. - I.T.A No.351 & 352/Coch/2011 - - - Dated:- 28-2-2013 - Shri N.R.S. Ganesan (JM) and Shri B.R. Baskaran(AM) For the Appellant : Shri M Anil Kumar, C.I.T. Smt. S Vijayaprabha For the Respondent : Shri T.M. Sreedharan ORDER Per N.R.S. Ganesan (JM) Both the appeals of the revenue are diected against two independent orders of C.I.T.(A)-I, Trivandrum dated 09-02-2011 for the assessment years 2006-07 2007-08. Since common issue arises for consideration these appeals were heard together and are disposed of by this common order. 2. Shri M Anil Kumar, the ld.DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence in sales as accounted and that found during the course of survey operation as undisclosed income. However, on appeal by the taxpayer, the CIT(A) deleted the addition after estimating the gross profit on the suppressed sales turnover. According to the ld.DR, the entire difference ought to have been taken as profit of the taxpayer. Therefore, the CIT(A) is not justified in estimating the profit on the suppressed sales turnover. 4. We heard Shri T.M. Sreedharan, the ld.senior counsel for the taxpayer also. Shri T.M. Sreedharan, the ld.senior counsel submitted that the taxpayer is maintaining books of account regularly in the course of its business. The books of account were audited, verified and accepted by the state excise, commercial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of income of the entire undisclosed sale proceeds. The CIT(A) also confirmed the order of the assessing officer. However, the Appellate Tribunal found that there was no material to indicate that the taxpayer made investment outside the books of account to make alleged sales and accordingly held that the entire sales proceeds could not have been added as undisclosed income of the taxpayer. On further reference to Gujarat High Court it was found that the amount of sales could not represent the income of the taxpayer who did not disclose the sales. The sales only represented the price received by the seller of the goods and accordingly the Gujarat High Court found that what is to be assessed is only profit element and not the entire unacc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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