9911796707
TMI Blog2015 (6) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... these receipts should be treated as turnover of the assessee from trading of cloth and has directed the Assessing Officer to make addition of profit from such turnover outside the books at gross profit rate of 13% of this turnover. Cash deposit and withdrawal in the bank account was made regularly by the assessee during the year, it is very reasonable to say that the same was business turnover outside books and therefore, only gross profit addition is justified in the facts of the present case. Hence, we do not find any reason to interfere in the order of CIT(A) and therefore, we decline to interfere in the same. - Decided against revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... I find that there was some force in the argument of appellant that the AO was not justified in making the addition of ₹ 15,68,500/- u/s 69A of the IT Act. The assessing officer has recorded the statement of the appellant and his son mentioned in assessment order also transpire that the cash deposit in the savings bank account of the appellant related to sale proceed of trading of cloth, realized during assessment year under consideration. On perusal of the set of facts mentioned in assessment order and written submission and evidences gathered by AO during assessment proceedings it is beyond doubt that these sale proceeds were unrecorded and same were not recorded in the books of accounts of the appellant or his son. These sale proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned gross profit @13.8% on sale of ₹ 15,68,500/- which works out to ₹ 2,16.453/-. Thus the addition is sustained to the extent of ₹ 2,16,450/-. The appellant thus gets a relief of ₹ 13,52,050/-." 4.1 From the above Paras from the order of learned CIT(A), it is seen that a clear finding has been given that on perusal of the entries reflected in the said bank account, it was revealed that the cash deposits and withdrawals were made regularly during the year and therefore the Assessing Officer was not justified in making the addition of ₹ 15,68,500/-. Considering these facts, learned CIT(A) has held that these receipts should be treated as turnover of the assessee from trading of cloth and has directed the As ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
