https://www.taxtmi.com/caselaws?id=763475 The ITAT Delhi dismissed the revenue's appeal regarding suppressed sales estimation. The assessee claimed certain sales were consignment sales without commission, but failed to provide adequate documentary evidence. The ITAT upheld CIT(A)'s finding that these were suppressed sales, not genuine consignment transactions. However, the ITAT agreed that only gross profit on suppressed sales of Rs 3,71,75,141 should be treated as income, not the entire sales amount. Additionally, the direction to treat 20% of suppressed sales as undisclosed investment in purchases was upheld, as the assessee couldn't prove expenses incurred outside books for such sales. en-us Wed, 18 Dec 2024 00:00:00 +0530 Fri, 20 Dec 2024 08:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763475 The ITAT Delhi dismissed the revenue's appeal regarding suppressed sales estimation. The assessee claimed certain sales were consignment sales without commission, but failed to provide adequate documentary evidence. The ITAT upheld CIT(A)'s finding that these were suppressed sales, not genuine consignment transactions. However, the ITAT agreed that only gross profit on suppressed sales of Rs 3,71,75,141 should be treated as income, not the entire sales amount. Additionally, the direction to treat 20% of suppressed sales as undisclosed investment in purchases was upheld, as the assessee couldn't prove expenses incurred outside books for such sales. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763475