https://www.taxtmi.com/caselaws?id=763752 The ITAT Kolkata dismissed the revenue's appeal regarding additions under section 153A for undisclosed sales. The tribunal found that incriminating materials discovered during search established unrecorded sales by the assessee. Since the assessee voluntarily disclosed profits on these unrecorded sales in the return filed under section 153A, the tribunal upheld the CIT(A)'s order. The case established that once unrecorded sales are proven, profit rates should be applied to assess embedded income, and voluntary disclosure by the assessee was given due consideration. en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 20:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763752 The ITAT Kolkata dismissed the revenue's appeal regarding additions under section 153A for undisclosed sales. The tribunal found that incriminating materials discovered during search established unrecorded sales by the assessee. Since the assessee voluntarily disclosed profits on these unrecorded sales in the return filed under section 153A, the tribunal upheld the CIT(A)'s order. The case established that once unrecorded sales are proven, profit rates should be applied to assess embedded income, and voluntary disclosure by the assessee was given due consideration. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763752