The Tax Publishers2020 TaxPub(DT) 5275 (Mum-Trib)

INCOME TAX ACT, 1961

Section 68

Where in respect of addition made of 1% of gross profit rate on local sales, it was found that no evidence was filed in spite of providing opportunities of hearing to substantiate the sale price and the goods which were sold were only waste and un-useable material, the action of CIT(A) confirming the addition made could not be interfered with.

Income from undisclosed sources - Addition under section 68 - No evidence filed by assessee inspite of providing opportunities -

Assessee filed appeal against the order of CIT(A) confirming action of AO in sustaining addition of 1% of gross profit rate on local sales and making addition accordingly. Held: On perusal of the submissions made before AO and CIT(A), it was found that no evidence was filed in spite of providing opportunities of hearing to substantiate the sale price and the goods which were sold were only waste and un-useable material. Thus, considering the overall facts and observations of the CIT(A), the order passed by CIT(A) could not be interfered with.

REFERRED :

FAVOUR : Against the assessee.

A.Y. : 2002-03



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