https://www.taxtmi.com/caselaws?id=310926 ITAT Ahmedabad held that AO's extrapolation of on-money receipts to 41% of entire turnover was unsustainable based on assumptions. The court found that additions should be restricted only to specific undisclosed income instances evidenced in seized materials, not extrapolated across all sales. AO was directed to confine additions to Rs. 1,81,72,500 for one scheme and Rs. 1,69,49,500 for another, based on actual incriminating material found during search. Revenue's appeal was dismissed as extrapolation without concrete evidence was deemed unjustified. en-us Mon, 14 Mar 2022 00:00:00 +0530 Mon, 27 Nov 2023 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310926 ITAT Ahmedabad held that AO's extrapolation of on-money receipts to 41% of entire turnover was unsustainable based on assumptions. The court found that additions should be restricted only to specific undisclosed income instances evidenced in seized materials, not extrapolated across all sales. AO was directed to confine additions to Rs. 1,81,72,500 for one scheme and Rs. 1,69,49,500 for another, based on actual incriminating material found during search. Revenue's appeal was dismissed as extrapolation without concrete evidence was deemed unjustified. Case-Laws Income Tax Mon, 14 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310926