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ITAT rejected assessee's books of accounts due to suppressed purchases, sales, and unaccounted payments. The tribunal directed application of 5% net profit rate on aggregate turnover comprising both recorded sales and unrecorded sales discovered in impounded documents SP-68, SP-73, and SP-42. The Assessing Officer was instructed to calculate difference between estimated profit and declared profit, adding such difference to returned income. No separate additions were permitted for other expenditure heads, low household expenses, or undisclosed investments in daughters' names, as these were deemed covered by enhanced income estimation. The appeal was decided partly in favor of the assessee with consequential relief granted.
ITAT rejected assessee's books of accounts due to suppressed purchases, sales, and unaccounted payments. The tribunal directed application of 5% net profit rate on aggregate turnover comprising both recorded sales and unrecorded sales discovered in impounded documents SP-68, SP-73, and SP-42. The Assessing Officer was instructed to calculate difference between estimated profit and declared profit, adding such difference to returned income. No separate additions were permitted for other expenditure heads, low household expenses, or undisclosed investments in daughters' names, as these were deemed covered by enhanced income estimation. The appeal was decided partly in favor of the assessee with consequential relief granted.
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