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2012 (11) TMI 746 - AT - Income TaxUndisclosed Income – Whether the Appellate Tribunal is right in law and on facts in holding that only the net profit rate can be applied in respect of admitted sales of goods outside the books of account. - Held that:- Since these issues are in litigation for a long period and travelled couple of times before the appellate authorities and considering the submissions of the ld. A.R. that the assessees are not inclined to prolong the litigation process and the Bench may arrive at any appropriate profit as it may deem fit and just, we are of the considered opinion, in the interest of justice and fairness to adopt the rate of 3% profit on the suppressed turnover for both the assessees in all the assessment years concerned. - In the result, appeals of the Revenue are partly allowed.
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