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2019 (2) TMI 1270 - ITAT KOLKATAUndisclosed turnover - Turnover including capital disclosed during the course of survey - entire suppressed turnover was made as an income of the appellant u/s 68 - HELD THAT:- There is no dispute that this assessee is a commission agent / wholesaler in onion agricultural produce. The argument raised at the department’s behest is that of treatment of entire turnover amounting to ₹1,13,00,000/- as undisclosed income of the taxpayer’s. We find no merit to agree with the Revenue’s instant sole substantive ground. The fact remains that this assessee deals with very highly unorganized business sector is an admitted fact. And also that the impugned turnover represents both cost of material as well as income component. The Revenue fails to rebut the fact that the assessee’s accepted profit margin as per records is @ 4% only. The CIT(A) has precisely adopted the said margin only to be assessee’s undisclosed income. We hold in these peculiar facts and circumstances that the learned lower appellate authority has neither committed any illegality nor irregularity in adding only the profit element in undisclosed turnover to be income of the impugned assessment year. We therefore decline Revenue’s both quantum appeals
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