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Tribunal and CIT(A) concurred that Assessing Officer (AO) did not record any finding of undisclosed investment discovered during Excise Department's search, merely assumed undisclosed investment as source for recorded purchases and subsequent sales. Tribunal's view upheld that in absence of specific findings of embedded investment, only profit margin on undisclosed sales should be taxed. High Court found no substantial question of law arising from Tribunal's impugned order.
Tribunal and CIT(A) concurred that Assessing Officer (AO) did not record any finding of undisclosed investment discovered during Excise Department's search, merely assumed undisclosed investment as source for recorded purchases and subsequent sales. Tribunal's view upheld that in absence of specific findings of embedded investment, only profit margin on undisclosed sales should be taxed. High Court found no substantial question of law arising from Tribunal's impugned order.
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