https://www.taxtmi.com/caselaws?id=468770 Unrecorded sales cannot ordinarily be taxed as the full gross receipt where the receipts include embedded cost and expenditure. The Tribunal followed its earlier view that, on identical loose papers and cash entries treated as unrecorded sales, only the profit element should be brought to tax under a gross profit estimation, rather than the entire amount as unexplained income under section 69A. The addition was therefore restricted to the profit element, and the assessee's challenge to taxation of the full sales amount succeeded. en-us Mon, 27 Jan 2025 00:00:00 +0530 Tue, 19 May 2026 17:42:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468770 Unrecorded sales cannot ordinarily be taxed as the full gross receipt where the receipts include embedded cost and expenditure. The Tribunal followed its earlier view that, on identical loose papers and cash entries treated as unrecorded sales, only the profit element should be brought to tax under a gross profit estimation, rather than the entire amount as unexplained income under section 69A. The addition was therefore restricted to the profit element, and the assessee's challenge to taxation of the full sales amount succeeded. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468770