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2011 (8) TMI 629 - HC - Income TaxBlock assessment - AO rejected books of account making additions on account of estimated profits at 10 per cent. from the total fees - Held That:- trial balance found during the course of search has been explained by the assessee and in fact no additions were made on the basis of the discrepancies found in the trial balance. Thus decision of tribunal deleting the addition made on account of estimated profits from the total fees received by the assessee cannot be faulted. Deletion of accrued interest - Debenture purchased reflected in books of a/c - Held That:- matter fit to be decided in case regular assessment and not in the block assessment. Depreciation allowed in the regular assessment was current depreciation and there is no material to suggest that current depreciation was not admissible to the assessee and that there is no provision to consider current depreciation as undisclosed income of the assessee.
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