ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]

ITAT - Peak Calculation Method - Profit - Cash Sales - AO - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal has directs to adopt peak calculation method to compute profit from unaccounted cash sales and remand matter back to AO The appellant, Himanshu L. Shethia, is Karta of HUF and running whole-sale trade in cloth in the name and style of “M/s. Himanshu Fabrics”. During the course…

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