https://www.taxtmi.com/caselaws?id=771773 The ITAT Pune remanded the matter to the AO after finding that the addition of 25% profit on suppressed sales was unjustified. The tribunal held that income estimation should be based on actual receipts/sales, particularly when the assessee reconciled figures from impounded material excluding duplicate entries. The survey team had acknowledged numerous duplicate entries requiring exclusion. The AO's rejection of the reconciliation statement and CIT(A)'s upholding of this action were deemed improper. The tribunal directed the AO to accurately compute receipts/sales year-wise, remove duplicates, compare with declared returns under section 148, and estimate profit at 25% only on genuinely suppressed sales. The penalty under section 271(1)(c) was also remanded for fresh adjudication. en-us Tue, 27 May 2025 00:00:00 +0530 Fri, 30 May 2025 08:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771773 The ITAT Pune remanded the matter to the AO after finding that the addition of 25% profit on suppressed sales was unjustified. The tribunal held that income estimation should be based on actual receipts/sales, particularly when the assessee reconciled figures from impounded material excluding duplicate entries. The survey team had acknowledged numerous duplicate entries requiring exclusion. The AO's rejection of the reconciliation statement and CIT(A)'s upholding of this action were deemed improper. The tribunal directed the AO to accurately compute receipts/sales year-wise, remove duplicates, compare with declared returns under section 148, and estimate profit at 25% only on genuinely suppressed sales. The penalty under section 271(1)(c) was also remanded for fresh adjudication. Case-Laws Income Tax Tue, 27 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771773