TMI Blog2015 (2) TMI 907X X X X Extracts X X X X X X X X Extracts X X X X ..... penditure in this case. CIT(A) and Tribunal have came to the concurrent finding that the purchases have been recorded and only some of the sales are unaccounted. Thus, both the authorities held that it is not the entire sales consideration which is to be brought to tax but only the profit attributable on the total unrecorded sales consideration which alone can be subject to income tax. The view taken by the authorities is a reasonable and a possible view. - Decided against revenue. - Income Tax Appeal No. 313 of 2013 - - - Dated:- 4-2-2015 - M. S. Sanklecha And G. S. Kulkarni,JJ. For the Appellant : Mr Arvind Pinto For the Respondent : None JUDGMENT P.C. This Appeal under Section 260A of the Income Tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces Middle East for ₹ 14,97,970 is enclosed herewith. Also sum of ₹ 20,00,000/- was towards sales in M/s. Global (India) Hospitality Services Pvt. Ltd. and was wrongly mentioned in declaration given by the director as turnover belonging to Royal Marine Co. Further, we wish to add that the statement was made by Mr. Hariram Bhambhani who is a matriculate in vernacular language and is not aware of the intricacies and implications of the Income Tax Act and Rules and statement made by him. 4. The RespondentAssessee did not accept the Appellant's above explanation, seeking to reconcile the statement made during the course of survey and facts actually existing. Accordingly, the entire amount of ₹ 35 lakhs was brought t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. The grievance of the Revenue is that Section 69C of the Act is to be invoked and entire amount of undisclosed sales has to be brought to tax. We are unable to appreciate how Section 69C of the Act which speaks of unexplained expenditure is all at relevant for this appeal. We are not concerned with any unexplained expenditure in this case. 8. In any view of the matter, the CIT(A) and Tribunal have came to the concurrent finding that the purchases have been recorded and only some of the sales are unaccounted. Thus, in the above view, both the authorities held that it is not the entire sales consideration which is to be brought to tax but only the profit attributable on the total unrecorded sales consideration which alone can be subjec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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