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2017 (12) TMI 737 - AT - Income TaxAddition on account of unexplained cash deposits in the bank account maintained with Axis Bank - estimating the profit at the rate of 8% on turn over - Held that:- There is no whisper about such remand report from the AO. Under these circumstances, find merit in the submission of the assessee that his profit from fabric trading business should be estimated at 8% on the turn over of ₹ 23,19,870/-. Therefore, direct the AO to adopt the profit @ 8% on turn over of ₹ 23,19,870/- in place of ₹ 16,54,000/- made by AO u/s 68 of the IT Act. Grounds raised by the assessee are accordingly partly allowed.
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