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2022 (9) TMI 282 - ITAT KOLKATAEstimation of profit - Calculation with regard to profit & loss earned by the assessee in respect of the transaction in shares - Addition on Share trading - AO noted that the appellant had undertaken transaction in shares and in absence of any details, he estimated the profit @ of 1% of the transaction - HELD THAT:- Appellant undertaken transaction in shares and assessee did not furnish any calculation with regard to profit or loss earned by it either before the AO or before the CIT(A) and thus ld. CIT(A) had no other alternative to uphold the addition on estimated the profit at the rate of 1% of the transaction and at the time of hearing before us also assessee did not file any calculation chart to show profit or loss earned by the assessee in respect of share transaction undertaken by assessee is less than estimated by AO and as such the material available on record it can be informed that the order passed by the ld. CIT(A) need not required to examine further and addition made on account of share transaction on estimated the profit at the rate of 1% - Appeal of the assessee is dismissed.
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