https://www.taxtmi.com/caselaws?id=311456 ITAT Surat upheld CIT(A)'s order directing telescoping of income estimated on undisclosed turnover against excess stock of gold jewellery and bars found during survey. For cash deposits during demonetization period, CIT(A) sustained addition of Rs. 35,33,091 under section 115BBE after allowing relief of Rs. 6,76,66,909. ITAT modified this, directing taxation of excess stock as business income at 2.5% profit rate instead of under section 115BBE. Court approved CIT(A)'s profit estimation at 2.5% for jewellery and 0.2% for bullion sales, and allowed telescoping of previous assessment years' additions. Revenue's appeals dismissed. en-us Thu, 27 Apr 2023 00:00:00 +0530 Wed, 27 Dec 2023 09:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311456 ITAT Surat upheld CIT(A)'s order directing telescoping of income estimated on undisclosed turnover against excess stock of gold jewellery and bars found during survey. For cash deposits during demonetization period, CIT(A) sustained addition of Rs. 35,33,091 under section 115BBE after allowing relief of Rs. 6,76,66,909. ITAT modified this, directing taxation of excess stock as business income at 2.5% profit rate instead of under section 115BBE. Court approved CIT(A)'s profit estimation at 2.5% for jewellery and 0.2% for bullion sales, and allowed telescoping of previous assessment years' additions. Revenue's appeals dismissed. Case-Laws Income Tax Thu, 27 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311456