ITAT Limits Taxation to 23% Profit on suppressed turnover

In ACIT v. Gurudatt Shrikant Bhobe, ITAT Panaji held that only the profit element embedded in suppressed sales should be taxed, not the entire receipts. Considering the business expenses, the profit already disclosed and the facts of the case, the Tribunal reduced the estimated net profit rate from 25% to 23%.