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2016 (1) TMI 1389 - AT - Income TaxEstimating the net profit @ 8% on the total contract receipts - the assessee submitted that these contract receipts of ₹ 75,79,683/- were not from the contract receipts ₹ 29,52,668/- have been received from the material supplied - Held that:- We find force in the pleadings of the learned counsel for the assessee. Therefore, on the receipts for the supplied material, direct to adopt rate of 5%. Ground no. 2 is thus partly allowed. Addition on account of cash credit u/s 68 - as per assessee this amount was reflected even in the balance sheet for the financial year ending on 31st March, 2008 - Held that:- We side the issue to the file of Assessing Officer to verify the correct facts and decide the same afresh after hearing the assessee on this issue. Addition made u/s 69 on account of unexplained investment - Held that:- Once the income has been estimated by taking net profit rate of 8% on contract receipts and 5% on the material supply Ghanshym Sharma then there was no justification in making further addition.
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