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2015 (6) TMI 1194 - AT - Income TaxAddition u/s 69A - unexplained cash deposit - assessee has not given any documentary evidence to prove that cash deposit was his business turnover - CIT-A treating the cash deposit as business turnover of the assessee and applying G.P. rate of 13.8% - HELD THAT:- Clear finding has been given that on perusal of the entries reflected in the said bank account, it was revealed that the cash deposits and withdrawals were made regularly during the year and therefore the AO was not justified in making the addition of ₹ 15,68,500/-. CIT(A) has held that these receipts should be treated as turnover of the assessee from trading of cloth and has directed the Assessing Officer to make addition of profit from such turnover outside the books at gross profit rate of 13% of this turnover. Cash deposit and withdrawal in the bank account was made regularly by the assessee during the year, it is very reasonable to say that the same was business turnover outside books and therefore, only gross profit addition is justified in the facts of the present case. Hence, we do not find any reason to interfere in the order of CIT(A) and therefore, we decline to interfere in the same. - Decided against revenue.
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