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2018 (5) TMI 1629 - AT - Income TaxAddition on unexplained cash and investment in stock - addition on basis of the statement recorded during the course of survey - non maintenance of books of accounts - Held that:- The assessee is a kirana merchant and running a kirana shop at a small place, where he is carrying out the business of kirana in retail. As per the provisions of Section 44AA read with Section 44AF of the Act, the assessee was not required to maintain any books of account. The assessee had retracted from the statement as made before the assessing authorities. Thus we find merit in the contention of assessee that the AO ought to have considered the facts in right perspective. Allow grounds and direct the AO to delete the additions made in respect of unexplained cash, unexplained investment in stock, addition made by estimating the total sale and the addition which was solely made on the basis of the statement recorded during the course of survey Addition on account of cash advances and kirana debtors and addition made on account of undisclosed purchases of ‘Mahua’, also be deleted - Decided in favour of assessee.
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