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2013 (9) TMI 1065 - AT - Income TaxEstimation of sale price - trading addition - Held that:- Without pinpointing out the defect how the sale price was not correct, the Assessing Officer could not have estimated the sale price on the basis of rates of closing stock or some other notional basis. However, at the same time there is no justification for selling particularly the rice DB at much lower price than the closing stock price or opening stock price. Therefore, in order to prevent the leakage of Revenue, we are of the opinion that the estimated addition of ₹ 2 lakhs is required to be made and accordingly we set aside the order of Ld. CIT(A) and direct the Assessing Officer to make the addition of ₹ 2 lakhs on trading account.
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