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TMI Blog2010 (9) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... 7/2010 1. The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity Act ) challenging the order dated 15th January, 2010 passed by the Income Tax Appellate Tribunal (in short Tribunal ) in ITA No. 511/Del/2007 for the Assessment Year 1998- 1999. 2. Briefly stated the relevant facts of the present case are that on 08th January, 2004, a search and seizure o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... coins/notes into high denomination notes. Mr. Abhishek Maratha also submitted that the Tribunal had erred in law in reducing the addition of disallowance of expenses made by the AO from 20% to 10% of the total expenses. 4. Having heard the submissions made by the learned counsel for the Revenue and on perusal of the record, we are of the considered view that the additions made by the AO were b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estimation and surmises. The A.O. has treated the total sales made by the assessee as received only in small coins and torn notes without any material. The A.O. has not pointed out any material to show and indicate that the assessee has actually incurred expenses for converting small denomination notes into book denomination notes. The assessee has worked out the expenses on commission at ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 and 2003-04. Therefore, the disallowance to the extent of 10% of the total expenses in this assessment year 1998-99 as so done by the Ld. CIT(A) in the assessment year 2000-01, 2002-03 and 2003-04 against which no appeal has been preferred by both the parties. Therefore, this ground No.3 raised by the revenue is partly allowed. (emphasis supplied) 5. From the aforesaid Tribunal s ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 800 grams of loaf of bread. In our opinion, if the same AO had estimated the sale price at ₹ 7.66 for the assessment year 2003-04 in the case of Shri Ramesh Kumar Batra, he could not have estimated a higher price for a loaf of bread for the assessment year 1998-99 in the assessee s case. 7. Consequently the additions made by the AO cannot be retained. In any event, the factual findings a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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