https://www.taxtmi.com/caselaws?id=464086 ITAT CHENNAI - AT upheld the assessee's method of estimating gross profit at 21% on unaccounted sales detected during search and allowed the assessee's grounds while dismissing the appeals by the revenue. The tribunal rejected the AO's and CIT(A)'s extrapolation of sales to earlier years, holding that, in line with SC precedent, no addition can be made for completed assessments in absence of incriminating material. Suppressed sales for AYs 2017-18, 2018-19 and parts of 2019-20 could not be extrapolated from a three-month period; additions were restricted to sales suppressed and detected at the time of search. en-us Tue, 06 Aug 2024 00:00:00 +0530 Fri, 03 Oct 2025 18:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464086 ITAT CHENNAI - AT upheld the assessee's method of estimating gross profit at 21% on unaccounted sales detected during search and allowed the assessee's grounds while dismissing the appeals by the revenue. The tribunal rejected the AO's and CIT(A)'s extrapolation of sales to earlier years, holding that, in line with SC precedent, no addition can be made for completed assessments in absence of incriminating material. Suppressed sales for AYs 2017-18, 2018-19 and parts of 2019-20 could not be extrapolated from a three-month period; additions were restricted to sales suppressed and detected at the time of search. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464086