JAYANTHILAL BANSILAL JAIN Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) This is an appeal preferred under Section 260 A of the Income Tax Act, 1961 (in short 'the Act'). Via this appeal, challenge is laid to the judgment and order dated 26.10.2016, passed by the Income Tax Appellate Tribunal (in short 'the Tribunal') in respect of the Assessment Year (AY) 2010-2011.

(2.) Briefly, the facts, which are required to be noticed, in order to adjudicate upon the appeal, are as follows:

(3.) Mr.Ramana Kumar, who appears in support of the appeal, maintained that the receipts were unaccounted sales and therefore, only the element of gross profit could be added as income under Section 68 of the Act.