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2012 (3) TMI 499 - ITAT HYDERABADEstimation of income - Held that:- As in the case of Deputy Commissioner of Income-tax vs. Paras Dyeing and Printing Mills P. Ltd. {2010 (2) TMI 953 - ITAT AHMEDABAD}, after reviewing various case laws on the subject also held that a lower profit cannot be the sole ground for making addition in the assessment without bringing any other material evidence on record. During the course of the proceedings before the CIT (A), the assessee had quoted the comparative cases wherein this Tribunal had held that estimation of 7% of profit is reasonable in similar cases. The Commissioner of Income-tax (Appeals) without assigning any reasons whatsoever had simply ignored the submissions in this regard. Thus, viewed from any angle, the order of the CIT (Appeals) cannot be sustained in the eye of law. Thus we are of the opinion that the addition of ₹ 1.50 crores is without any material brought on record and it is made on suspicion and surmises and the same is deleted.
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