https://www.taxtmi.com/caselaws?id=755571 The Gujarat HC upheld the Tribunal's decision regarding undisclosed investment in 29,315 boxes of goods detected during an Excise Department search. The Tribunal ruled that in cases of undisclosed sales, only the profit margin should be taxed absent specific findings of embedded investment. Both the Tribunal and CIT(A) found that the AO failed to record any findings of undisclosed investment from the search, merely assuming it as the source of purchases for subsequent sales. The HC determined no substantial question of law arose from the Tribunal's judgment. en-us Mon, 01 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755571 The Gujarat HC upheld the Tribunal's decision regarding undisclosed investment in 29,315 boxes of goods detected during an Excise Department search. The Tribunal ruled that in cases of undisclosed sales, only the profit margin should be taxed absent specific findings of embedded investment. Both the Tribunal and CIT(A) found that the AO failed to record any findings of undisclosed investment from the search, merely assuming it as the source of purchases for subsequent sales. The HC determined no substantial question of law arose from the Tribunal's judgment. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755571