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Tribunal Rules on Section 68: 8.81% Gross Profit Rate Applied to Taxpayer's Grey Market Grocery Transactions.

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....Addition u/s 68 - peak credit addition - GP estimation - Since the AO failed to bring on record any material to show that the assessee was doing any other business other than the grocery business, the inference that can be drawn is that the assessee was doing undisclosed transaction in respect of grocery from grey market without any bills etc.. - trade profit of the regular business i.e. G.P rate of 8.81% would be justified.....

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Tribunal Rules on Section 68: 8.81% Gross Profit Rate Applied to Taxpayer's Grey Market Grocery Transactions.