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2012 (3) TMI 142 - AT - Income TaxWhether surrender made on account of discrepancies found in the books/cash and also considering that entire sales/purchases be treated as income under 69A - Held That:- In view of Fakir Mohamed Haji Hasan (2000 - TMI - 14629 - GUJARAT High Court), additional income offered is deemed income assessable u/s 69A of the Act and no deduction is allowable against such deemed income assessed u/s 69A of the Act in the hands of the assessee. Set of Business loss against undisclosed Income - Held That:- In view of Fakir Mohamed Haji Hasan (2000 - TMI - 14629 - GUJARAT High Court), appeal dismissed. Additions on account of difference in Stock - Held That:- Addition of Rs.53,379/- on account of unexplained investment in the stock is fully covered by the amount surrendered by the assessee as unexplained investments. The impugned addition is, therefore, deleted. Rejection of books of account - Held That:- Assessee has surrendered a sum of Rs.25 lakhs on account of unexplained transactions also shows that the books of account maintained by the assessee are neither complete nor correct nor reliable. In this view of the matter, the order passed by the CIT(A) rejecting the books of account is confirmed. Additions on account of low GP rate - AO has applied the previous year GP as declared by the appellant which is held to be just and fair. The addition of Rs. 3,26,556/- made by the AO is upheld.
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