9911796707
TMI Blog2025 (4) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirming the addition of Rs. 43,28,864/- as made by the ld. AO by estimating the income by applying the GP rate 18.82% of the total turnover i.e. 2,30,01,402/-. 04. The facts in brief are that this is second round of litigation before the Tribunal. During the first round the appeal was restored to the file of the ld. AO with a direction that the income of the assessee may be estimated by taking into account the GP rate at 18.82% in para no.3 of the appellate order in ITA No. 1378/KOL/2016 for A.Y. 2010-11 vide order dated 03.05.2019. Accordingly, the ld. AO applied the said GP rate on the total turnover and added Rs. 43,28,864/- to the income of the assessee by applying the GP rate at 18.82% on the turnover of Rs. 2,30,01,402/- without mak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 4071905.00 Staff Welafare 121154.00 Service Tax 2862240.00 General Expenses 223426.00 Office Rent 144000.00 Mess Charges 903664.00 Travelling Expenses 373449.00 Bank Charges 73302.00 Rates & Taxes 370.00 Professional Charges 60000.00 Serve Tax 2862240.00 Audit Fees 2000.00 Telephone Charges 87865.00 Motor Car & Repair 409334.00 Repair & Maintenance 350816.00 Professional Fees 8000.00 M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and withdrawn the money from the same bank account and these were repeated transactions done by the assessee and all are reported in the books of accounts maintained by the assessee for the business purposes. Moreover, the addition made by the ld. AO on account of deposits and withdrawals of money and any discrepancy therein cannot be made where the income has been estimated by apply the GP rate. Therefore, we set aside the order of the ld. CIT (A) and direct the ld. AO to delete the addition. The ground raised by the assessee is allowed. 10. Similarly, in ground no.8, the ld. CIT (A) confirmed the addition of Rs. 8,40,000/- as made by the ld. AO on account of loan and advances treating the same as income from undisclosed sources. Since, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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