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2009 (7) TMI 20 - HC - Income TaxUnaccounted Sale – Addition - Assessing Officer asked the assessee to explain why addition be not made, on account of unaccounted to the returned income revealed from the documents seized during the survey conducted on 6.11.1998 for the assessment year 1999-2000. The explanation furnished by the assessee was not accepted by the Assisting Officer and addition of Rs.1,22,604/-. It was observed that the assessee had made investment but the same has not been explained and accounts were not produced. 60% of the peak investment was treated as income - On appeal, the Commissioner of Income-tax partly set aside the addition. It was also held that instead of taking 60 peak investment as income, the amount of the profits assessed on the basis of commission at the rate of 5% of the total sale should be added. The Tribunal upheld the said view – HC decision in the matter of CIT vs. President Industries [2008 -TMI - 12381 - GUJARAT High Court] – Appeal of the assessee dismissed.
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