https://www.taxtmi.com/caselaws?id=313597 ITAT Lucknow-AT partly allowed assessee's appeal regarding profit determination on undisclosed turnover from Pan Masala trading discovered during search operations. The assessee had surrendered income but disputed AO's application of 3.7% gross profit rate based on earlier years versus actual 1.91% for the relevant year. ITAT held that average gross profit rate of 2.8% should apply to unaccounted turnover, allowing Rs. 7,73,600 expense deduction. The tribunal dismissed claims for commission income expenses due to lack of substantiation and upheld CIT(A)'s turnover calculation corrections, reducing the final taxable amount accordingly. en-us Thu, 15 Mar 2018 00:00:00 +0530 Tue, 23 Apr 2024 19:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313597 ITAT Lucknow-AT partly allowed assessee's appeal regarding profit determination on undisclosed turnover from Pan Masala trading discovered during search operations. The assessee had surrendered income but disputed AO's application of 3.7% gross profit rate based on earlier years versus actual 1.91% for the relevant year. ITAT held that average gross profit rate of 2.8% should apply to unaccounted turnover, allowing Rs. 7,73,600 expense deduction. The tribunal dismissed claims for commission income expenses due to lack of substantiation and upheld CIT(A)'s turnover calculation corrections, reducing the final taxable amount accordingly. Case-Laws Income Tax Thu, 15 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313597