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2013 (11) TMI 124 - AT - Income TaxAssessment u/s 147 –- Held that:- The assessee himself has admitted 6 percent income on the sales effected which is more than that provided under section 44AF – Assessed the income of the assessee at 6 percent on the sales effected as against 8 percent made by the Assessing Officer – Decided in favour of assessee. Addition of unaccounted purchases – Held that:- The Assessing Officer has not produced any evidence to indicate that the purchases corresponding to the disclosed turnover were in addition to those evidenced by the demand draft of Rs. 21,97,000 - The purchases to the tune of Rs. 24,49,115 would have been made by the assessee closely tallies with the figure of demand drafts purchased by the assesse - The gross profit rate in this business ranges from 20 to 25 percent - Gross profit rate of 25 percent on the turnover of Rs. 32,65,486 comes to Rs. 8,16,731 - The explanation given by the assessee is plausible explanation - Deleted the addition of Rs. 21,97,000 – Decided against Revenue.
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