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2015 (11) TMI 1120 - ITAT AGRA

2015 (11) TMI 1120 - ITAT AGRA - [2015] 42 ITR (Trib) 475 (ITAT [Agra]) - Unaccounted cash sales - CIT(A) deleted the addition - Held that:- There is force in the contention of learned counsel for the assessee that even if the cash sales issue is presumed to be against the assessee, then also only net profit rate could be applied on such sales and that shall be covered by the amount of ₹ 2,00,000 surrendered already by the assessee and has been assessed by the Department. We find that the .....

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o. 57 /Agra/ 2012 (Block period 1.4.1996 to 10.12.2002). - Dated:- 24-7-2015 - G. C. GUPTA (Vice-President) and INTURI RAMA RAO (Accountant Member) Smt. Belu Sinha for the Department. P. K. Sehgal, Advocate and Utsav Sehgal, Chartered Accountant, for the assessee. ORDER 1. This appeal by the Revenue and the cross-objection by the assessee for the block period April 1, 1996 to December 10, 2002, are directed against the order of the Commissioner of Income-tax (Appeals). These are being disposed o .....

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Revenue before the Tribunal is condoned. 3. The only ground of appeal of the Revenue is as under : "1. The learned Commissioner of Income-tax (Appeals) has erred in law and on facts of the case in deleting the addition of ₹ 7,50,000 made on account of unaccounted cash sales, ignoring the evidence in the form of loose papers 'annexure-A. L.P. 6/30' and reasons advanced by the Assessing Officer for above addition on the basis of such evidence." 4. The learned Departmental .....

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