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2012 (10) TMI 124 - AT - Income TaxAddition on account of cash credit u/s 68 – AO issue notice u/s 133(6) – Held that:- As the assessee failed to file confirmation, identity and creditworthiness of lender. Therefore assessee unable to explaining the source of loan. ITAT is justified in confirming the addition - In favor of revenue Addition on account of source of loan not explained u/s 68 – Assessee receive advance from lender – AO issue notice u/s 133(6) – Assessee explained the source of deposit as gift - Held that:- As no documentary evidence was filed, assessee could not prove the identity and creditworthiness of the lender. Therefore it revealed that the assessee has been shifting the stand. Decision in favor of revenue. Addition on account of higher GP rate – Assessee has two trading firms in two states – Assessee failed to furnish quantitative details of stock - AO apply higher GP rate of one firm on other firm to compute its income - Assessee also filed GP rates & details of other comparable cases to CIT(A)- During remand report done by AO, assessee could not submit complete books of accounts, bills/vouchers – CIT(A) apply GP rate of another firm of same city to assessee – Held that:- As assessee not submitted the full bills/vouchers. In that opinion of CIT(A) is justified. Appeal decided against assessee.
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