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2013 (11) TMI 315 - AT - Income TaxAddition u/s 68 of the Income Tax Act - Credit in the bank account treated as sales of the assessee instead of income of the assessee – Held that:- Purchase of Rs. 2,94,44,341/- by M/s. SOL from Shri. T.Kishan has been proved. Shri T.Kishen has confirmed the supply of assets and most of the assets were found on a physical verification. In this view of the finding of the ITAT in the case of SOL, even the type 2 sales amounting to Rs. 2,94,44,341/- found in the course of search, would appear to represent actual sale of goods by the Assessee. The Assessing Officer has assessed profit of 4.38% on the undisclosed sale of Rs. 2,09,66,145/-. The CIT(A) has reduced the rate of profit on this amount to 4% and the department has accepted the same. There is no reason to treat the other portion of the undisclosed sale of Rs. 2,94,44,341/- differently. Therefore the order of the ClT(A) holding that only profit @4% on the turnover of Rs. 2,94,44,341/- should be assessed is reasonable and liable to be upheld – Decided against the Revenue.
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