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2017 (1) TMI 1243 - ITAT INDOREUnexplained/undisclosed income - Held that:- We are of the considered view that the assessee might have been disposed-off the opening stock as on 01.04.2005 during the year, therefore, credit of opening stock or sales affected during the year have to be given. Be that as may be, we have to believe that there was sales made during the year. This view is also fortified with the facts that the assessee has shown sales with return of income for the year under consideration. The assessee has been arguing that source of cash deposits is out of sale proceeds and it has been done by her at Indore and by travelling to Haridwar. The two copies of specimen of books published by her also filed by the ld. A.R. showing that she had been earning her livelihood by selling the religious books only. Considering the totality of facts and circumstances, and the facts that the assessee is no more, we have to consider her affidavit as basis of her assertion of facts and return of income filed with department as evidence, therefore, we have to give credit of opening stock and sales shown by her. Accordingly, the source of cash deposits to the extent sales of ₹ 15,00,250/- out of ₹ 17 lakhs is allowed to set off out of sale proceeds and remaining balance amount of ₹ 2 lakh is treated as unexplained/undisclosed income in the hands of the assessee. Therefore, addition of ₹ 15 lakh is deleted and ₹ 2 lakh is upheld. This grounds of appeal is therefore, partly allowed.
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