2019 (2) TMI 1270

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....GODARA, JUDICIAL MEMBER:- These three cases for assessment year 2011-12 pertain to a single assessee, Shri Manik Lal Dey. The Revenue's former two quantum appeal(s) ITA No.2436 & 2343/Kol/2016 arise from Commissioner of Income Tax (Appeals)-13 Kolkata's common order dated 12.08.2016 passed in case Nos.38/CIT(A)-13/Kol/W-45(3)/2014-15, in proceedings u/s. 147/144 of the Income Tax, 1961; in short ....

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....sed by the AO and the submissions made by the Appellant. The decision of this appeal is given as under:- 'In this case addition of Rs. 1,13,00,000/- has been made by the AO. While adding so the AO has observed that the assessee had shown gross sales of Rs. 36,50,000/- in is return. But during the course of survey assessee himself disclosed on oath dated 07-01-2012 that his turnover was Rs. 1.5 c....

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....ge of commissions at 4% for other year; the same should have been applied to the undisclosed turnover of the appellant. I agree with the view of the appellant that turnover cannot be the income of the appellant. Turnover includes cost or purchase and gross profit. Only gross profit can be termed as income of the appellant. The action of the AO for adding entire turnover is baseless. Therefore, t....

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....osed during the course of survey. There is no dispute that this assessee is a commission agent / wholesaler in onion agricultural produce. The argument raised at the department's behest is that of treatment of entire turnover amounting to Rs.1,13,00,000/- as undisclosed income of the taxpayer's. We find no merit to agree with the Revenue's instant sole substantive ground. The fact remains that th....