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2017 (4) TMI 607 - AT - Income TaxEstimation of profit in respect of IMFL business - Held that:- Direct the A.O. to re-compute the income of the assessee at 5% of purchase price. Accordingly, this ground of appeal raised by the assessee is allowed. Addition on account of unsecured loans - Held that:- As in the assessment order, the Assessing Officer already made an addition of ₹ 11,53,178/- as assessee’s investment made out of unexplained source and the same has been added as income from other sources. The Assessing Officer in the assessment order specifically mentioned that during the assessment year, the assessee found to have been accepted unsecured loan of ₹ 1,22,000/- . When Assessing Officer has treated the amount of ₹ 11,53,178/- as unexplained source again making addition of ₹ 1,22,000/- as unsecured loan, in my opinion, is not justified. Accordingly, the Assessing Officer is directed to delete the addition of ₹ 1,22,000/- made under section 68 of the Act. - Decided in favour of assessee.
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