https://www.taxtmi.com/caselaws?id=256907 The High Court dismissed the appeal challenging the tax treatment of unaccounted sales and profits for the Assessment Year 2006-07. The Court upheld the decision to tax only 4% of the profit earned on unaccounted sales, amounting to Rs. 1.40 lakhs, while deleting the remaining Rs. 33.63 lakhs from taxation. It was held that only the net profit from unaccounted sales should be added to the income for tax purposes, not the entire sales amount. The Court rejected the Revenue's argument to tax the entire undisclosed sales amount under Section 69C, emphasizing the importance of a reasonable interpretation in such cases. en-us Wed, 04 Feb 2015 00:00:00 +0530 Wed, 25 Feb 2015 08:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256907 The High Court dismissed the appeal challenging the tax treatment of unaccounted sales and profits for the Assessment Year 2006-07. The Court upheld the decision to tax only 4% of the profit earned on unaccounted sales, amounting to Rs. 1.40 lakhs, while deleting the remaining Rs. 33.63 lakhs from taxation. It was held that only the net profit from unaccounted sales should be added to the income for tax purposes, not the entire sales amount. The Court rejected the Revenue's argument to tax the entire undisclosed sales amount under Section 69C, emphasizing the importance of a reasonable interpretation in such cases. Case-Laws Income Tax Wed, 04 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256907