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2013 (4) TMI 518 - HC - Income TaxDiscrepancies and shortage in stock during survey u/s 133A - CIT(A) restricted the addition - CIT(A) observed that, the assessee had declared gross profit of 10.27% during the year, and applying the same rate of gross profit, the profit of the appellant on the lesser stock of the CRC would work-out to Rs. 61,917/- on the basis of 10.27% gross profit to the shortfall figure of Rs. 6,02,883/-. The assessee had admitted excess stock of Rs. 14,000/- on account of steel cupboard. Accordingly, the CIT (A) restricted the addition the total of Rs. 75,916/- (Rs. 61916/- plus Rs. 14,000/). - ITAT confirmed the action of CIT(A) - held that:- The aforesaid findings by the Tribunal and by the CIT(A) are the concurrent findings of fact. The Tribunal while confirming the order of CIT(A), has appreciated the relevant facts, figures and material relating to the issue, which were before it. - Decided against the revenue. Genuineness of unsecured loans - ddition made on account of undisclosed cash deposit in bank - CIT(A) has reduced the addition - ITAT uphold the decision of CIT(A) - held that:- Tribunal did not commit any error in law in dismissing the appeal. - Decided against the revenue.
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