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| The Tax Publishers2019 TaxPub(DT) 7382 (All-HC) INCOME TAX ACT, 1961
Section 68
Where CIT(A) held that newspaper quotation only gives general market trend and it could not be the basis for calculating suppressed sales and held that merely on newspaper quotation, therefore, AO was not justified in making addition of the said amount and thus, deleted the addition.
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Income from undisclosed source - Addition under section 68 - Under-recording of sales -
AO on the basis of report of newspaper on various dates found the price of sugar more than the rates shown by assessee and hence, held that assessee had under recorded the sales by Rs. 20 per bag and made addition under section 68. Held: CIT(A), on appeal filed by assessee, recorded a finding that newspaper quotation only gives general market trend and it could not be the basis for calculating the suppressed sales and held that merely on newspaper quotation, AO was not justified in making addition of the said amount and thus deleted the addition.
REFERRED : CIT & Anr. v. Mansurpur Sugar Mills Ltd. [Income Tax Appeal No. 390 of 2006, dt. 17-10-2016] : 2006 TaxPub(DT) 1310 (Del-Trib)
FAVOUR : In assessee's favour
A.Y. :
IN THE ALLAHABAD HIGH COURT
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