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RU
10% GP Addition Enough on Unverified Cash Sales – ITAT Reduces Rs.1.50 Cr to 15 Lakh
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taxguruin
Tribunal therefore restricted addition to a lumpsum GP addition of 10% amounting to Rs.15 lakh, thereby granting substantial relief.
When questioned about the source of cash, appellant had stated on oath that out of the total cash found at Rs.
was a part of sale proceeds of retail sale of gold by M/s HP & Sons in Jaipur branch.
was out of sale proceeds of M/s HP & Sons and pertained to the cash-in-hand of M/s HP and sons.
HP & Sons qua the remaining sums of Rs.1.27 crores wherein the department could hardly be treated as an aggrieved against the said findings.
['lakh'
'ms'
'sons'
'sales'
'unverified'
'hp'
'itat'
'gold'
'rs150'
'cr'
'gp'
'reduces'
'cash'
'appellant'
'rs'
'sh'
'addition']