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TMI Blog2020 (2) TMI 1673X X X X Extracts X X X X X X X X Extracts X X X X ..... t accepted @0.75%, would be just and proper keeping in mind the peculiar facts and circumstances involved herein. Necessary computation to follow as per law. It is made clear that our instant estimation shall not be treated as a precedent in other assessment year(s). Assessee s appeal is partly allowed. - I.T.A No.1163/Kol/2019 - - - Dated:- 28-2-2020 - SHRI P. M. JAGTAP, V.P SHRI S. S. GODARA, JM For the Appellant: Shri Miraj D. Shah, AR For the Respondent : Shri Dhrubojyoti Ray, JCIT ORDER Per Shri S. S. Godara: This assessee s appeal for assessment year 2013-14 arises against the Commissioner of Income Tax(Appeals)-12, Kolkata s order dated 28.02.2019 in case no.10017/CIT(A)-12/Wd-40(4)/Kol/2017-18 invol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving issue of estimation of profit rate as under: 11. Ground No.2: Undisclosed sale of Rs.1,49,30,067/- :- The A.O's case is that since Bank accounts show much higher figure of receipts than the sales of her profit loss account the excess receipt in bank account is undisclosed sale. 11.1. The appellant's case is that most of the sale increases in the receipt as alleged by the A.O is on account of contra entries in the same bank account pursuant to respective bouncing of cheques as is apparent from cursory look at the relevant entries. The appellant has given the aggregate of such contra entries which amounts to Rs.1,20,49,544/-. 11.2. It is apparent that the A.O has jumped to the conclusion without appreciating the natur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is a cloth merchant and proprietor of M/s Geeta Tex Fabrics. Case file suggests that the learned lower authorities have assessed her income derived from cloth trading @0.75% profit rate. That being the case, we are of the opinion that the CIT(A) s impugned action assessing 60% profit rate is neither based on the assessee s corresponding books of accounts nor that adopted in preceding and succeeding assessment years. We therefore conclude that a lumpsum profit rate @7.5% of the rates in issue, already double than that accepted @0.75%, would be just and proper keeping in mind the peculiar facts and circumstances involved herein. Necessary computation to follow as per law. It is made clear that our instant estimation shall not be treated a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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