https://www.taxtmi.com/caselaws?id=274092 The Appellate Tribunal ITAT Cochin dismissed the revenue's appeals against the CIT(A)'s decision for the assessment years 2006-07 & 2007-08. The Tribunal held that only the profit element embedded in the suppressed turnover should be assessed for income tax, not the entire difference between actual and reported sales. As there was no evidence of undisclosed investments or purchases, the Tribunal upheld the CIT(A)'s decision. This judgment clarified the distinction between suppressed turnover and taxable profit, ensuring a fair assessment of income tax based on established legal principles and precedents. en-us Thu, 28 Feb 2013 00:00:00 +0530 Tue, 20 Nov 2018 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274092 The Appellate Tribunal ITAT Cochin dismissed the revenue's appeals against the CIT(A)'s decision for the assessment years 2006-07 & 2007-08. The Tribunal held that only the profit element embedded in the suppressed turnover should be assessed for income tax, not the entire difference between actual and reported sales. As there was no evidence of undisclosed investments or purchases, the Tribunal upheld the CIT(A)'s decision. This judgment clarified the distinction between suppressed turnover and taxable profit, ensuring a fair assessment of income tax based on established legal principles and precedents. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274092