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2014 (7) TMI 380 - AT - Income TaxAddition of stock Held that:- The total stock found was of ₹ 1,80,517 - When the assessee is carrying on the business, some stock is bound to be there - AO has estimated the income at ₹ 4 lakhs - the stock of ₹ 1,80,517/- cannot be said to be excessive or unreasonable even if the assessee has not maintained any details of such stock in the books of account thus, the addition of ₹ 1,80,517/- as unexplained stock is to be set aside. Unexplained cash Held that:- The AO has recorded the finding that during the course of survey, cash of ₹ 1,12,957/- was found as against the cash in hand in the books of account at ₹ 23,417 - there was an excess cash found amounting to ₹ 89,540 - in principle, the addition for the same is justified the AO has estimated the income of the current year at ₹ 4 lakhs as against the income at ₹ 2,00,740/- in AY 2005-06 - the estimate of income at ₹ 4 lakhs is excessive, so it is to be reduced to ₹ 3 lakhs - the total income of the assessee is determined at ₹ 3,89,540/- as against ₹ 6,70,060/- assessed by the AO Decided partly in favour of Assessee.
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