Only net profit embedded in unaccounted receipts could be taxed under section 69A: ITAT

IT: Where AO made addition to assessee's income under section 69A in respect of unaccounted receipts reflected in loose papers seized in course of search, in view of fact that assessee could not earn gross receipts without incurrence of expenditure, it was only net profit embedded in unaccounted receipts which deserved to be added to his taxable income

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