https://www.taxtmi.com/caselaws?id=187524 The Income Tax Appellate Tribunal (ITAT) Delhi allowed the appellant's appeal against the addition of unrecorded sales during assessment proceedings. The Tribunal held that only profits embedded in the turnover should be taxed, directing the Assessing Officer to delete the addition on account of unrecorded turnover and instead make an addition equivalent to 12% of undisclosed turnover. The Tribunal emphasized the appellant's previous accepted net profits, the need for corresponding concealed expenses, and the application of Section 44AD in determining net profits. The appeal was allowed based on these grounds, with the judgment pronounced on May 22, 2015. en-us Fri, 22 May 2015 00:00:00 +0530 Tue, 25 Oct 2016 15:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187524 The Income Tax Appellate Tribunal (ITAT) Delhi allowed the appellant's appeal against the addition of unrecorded sales during assessment proceedings. The Tribunal held that only profits embedded in the turnover should be taxed, directing the Assessing Officer to delete the addition on account of unrecorded turnover and instead make an addition equivalent to 12% of undisclosed turnover. The Tribunal emphasized the appellant's previous accepted net profits, the need for corresponding concealed expenses, and the application of Section 44AD in determining net profits. The appeal was allowed based on these grounds, with the judgment pronounced on May 22, 2015. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187524