2008 (2) TMI 177 - HC - Income Tax

During search some loose sheets disclosed unaccounted cash sales – additions made - Revenue had not proved by bringing any material on record that the assessee had made any investment to made the alleged unaccounted sales - Tribunal held that the assessee could not be taxed on the entire amount of Rs.10,85,003/-, but, was liable to be taxed only on the gross profit earned on the said sales – finding of tribunal did not call for any interference – revenue appeal dismissed