CAN AO REJECT CASH SALES ON % BASIS

This query is : Resolved

Girish Gilda (Querist)
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30 December 2019 CAN AO REJECT CASH SALE ON 15-20 % AS TREATING IT AS CREDIT SALE AND TREATED CASH FROM THIS SALE IS UNDISCLOSED SOURCE AND CHARGED TAX AT 83.25 % AND ALSO IMPOSE 234 b INTEREST IS AO CORRECT , IS THERE ANY CASE LAW IN THIS REGARDS

THANKS

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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29 May 2020 https://taxguru.in/income-tax/assessee-bound-record-parties-cash-sales.html
https://taxguru.in/income-tax/ao-cannot-ignore-sale-price-declared-by-assessee-without-any-basis.html
https://indiankanoon.org/doc/60900805/

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