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2013 (11) TMI 62 - AT - Income TaxPresumptive income u/s 44AF of the Income Tax Act – Presumptive income rejected and assessment was done u/s 144 - Assessees are individual and are in retail trading business of sarees and dress materials since many years – additions of undisclosed income determined on the basis of highest peak balance on particular date of the two banks maintained by the appellant. - Held that:- The assessees claimed that they were in retail business of saree, was not found genuine by the lower authorities, as ld. A.O. issued the summons to all parties, only one party responded back. The assessees were not substantiated their claims before the lower authorities with reference to cash deposited in the bank account. The ld. CIT(A) had confirmed the addition on the basis of peak cash. No nexus had been established by the assessee with the sale transaction of their business and cash deposited. Thus, Section 44AF cannot be applied in this case - The appellants were not produced any books of accounts before the A.O. but submitted copy of the purchase and sale register – Decided against the Assessee.
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