COMMISSIONER OF INCOME TAX Vs. PRADEEP GOEL

JUDGEMENT

(1.) 128/Del/2003 and 282/Del/2003 relevant for the block period 1988 -89 to 1998 -99.

(2.) A search was conducted in the premises of the assessee who was in the business of trading in 'Saria' and other steel items through a proprietary concern M/s Kamal Steel. It appears that the assessee had two concerns called Kamal Steel - I and Kamal Steel -II.

(3.) As a result of the search, the AO noted that there were undisclosed sales of Rs. 8 crores and he estimated the net profit @ 5 per cent and levied tax accordingly.