2017 (11) TMI 1672

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..... 3,62,548/- in the unaccounted sales of Rs. 14,55,072/- is required to be brought to tax. 3. The Ld. First Appellate Authority is not justif ied in upholding the treatment of entire unaccounted sales as income especially when the said unaccounted sales itself is quantif ied before the end of the previous year relevant f or the asst. year under consideration." Ground No. 4 is general in nature. 2. Briefly stated, assessee is an individual, engaged in the business of purchase and sale of readymade dresses under the trade name of M/s. SVS Emporium for the last several years. Assessee has filed his return of income for the A.Y 2013-14 on 29-09-2013 by declaring total income of Rs. 16,53,670/- on a turnover of Rs. 35,86,367/-. The total inc....

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....nted sales was not warranted as assessee, also offered excess stock during the course of survey and therefore, a separate addition of unaccounted sales again is not warranted. It was further submitted that only profit margin can be brought to tax, which the assessee already offered and relied on the following case laws: "1. ITO Vs. M/s Karthik Poultry Farm - ITAT Bangalore, dt. 06.11.2015. 2. CIT Vs. Sharda Real Estate (P) Ltd - 099 DTR 0100 (MPHC) 3. ACIT, Circle. 1 Vs M/s. Archana Trading Co - ITAT Cochin, dt. 28.02.2013. 4. ACIT Vs. M/s Pahal Foods (P) Ltd - ITAT Hyderabad, dt. 30.09.2009" 5. Ld. DR, however, relied on the orders of the CIT(A) to submit that in the course of survey itself in the statement under Sec. 131 of the I....