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2018 (3) TMI 888 - AT - Income TaxEstimation of income @8% of purchase price - estimation of profit in respect of IMFL business carried by the assessee - Held that:- As relying on Tangudu Jogisetty and Others Versus ITO [2016 (7) TMI 379 - ITAT VISAKHAPATNAM] we 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 partly allowed. Unexplained investment u/s 69 - assessee failed to establish the source of deposit, identity and genuineness of the creditor - Held that:- During the appeal hearing before us also, the assessee failed to establish the source of credit, identity and credit worthiness of the creditor. Since the assessee failed to establish any of the requirements, we do not find any reason to interfere with the order of the Ld.CIT(A) and the same is upheld. - Decided against assessee.
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