https://www.taxtmi.com/caselaws?id=461074 ITAT Kolkata allowed the assessee's appeal partially in a case involving undisclosed gold sales. The tribunal directed the AO to apply net profit rate instead of gross profit rate for undisclosed sales, using the rate from regular books for recorded sales. Disallowances under sections 40A(3) and 40(a)(ia) were deleted since income was estimated by percentage of turnover. For excess stock found during survey, the tribunal directed taxation of only gross profit embedded in excess stock rather than full addition. The appeal was allowed in part across all three grounds. en-us Tue, 30 Apr 2019 00:00:00 +0530 Tue, 11 Mar 2025 18:56:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461074 ITAT Kolkata allowed the assessee's appeal partially in a case involving undisclosed gold sales. The tribunal directed the AO to apply net profit rate instead of gross profit rate for undisclosed sales, using the rate from regular books for recorded sales. Disallowances under sections 40A(3) and 40(a)(ia) were deleted since income was estimated by percentage of turnover. For excess stock found during survey, the tribunal directed taxation of only gross profit embedded in excess stock rather than full addition. The appeal was allowed in part across all three grounds. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461074