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2018 (9) TMI 2092 - AT - Income TaxEstimating the income from undisclosed turnover - Undisclosed deposit to the bank account - HELD THAT:- Keeping in view the provision of s. 44AD of the Act and amount of turnover undertaken by the assessee during the relevant period, we are of the considered opinion that the entire amount deposited to the bank account of the assessee by the respective purchasers cannot be treated as income of the assessee only profit element therein can be treated as income of the assessee from Jari business. Therefore, in our considered opinion, the all possible leakage of revenue would be covered if, the profit/income earned from the Jari business is estimated @ 10% of total turnover of the assessee and we direct the AO to calculate the income of the assessee accordingly on the turnover of Rs. 11,84,036/-. Accordingly, ground No.1 of the assessee is dismissed and ground No.2 of the assessee is partly allowed.
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