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2018 (6) TMI 551 - AT - Income TaxIncome estimation on the liquor put to sale - assessee is an individual deriving income from retain trading in IMFL - Held that:- We direct the AO to consider 3% of the income of assessee subject to the above amount not being less than the profit already disclosed by assessee. In that event, the income disclosed by assessee should be accepted. Unexplained cash deposit - addition u/s 68 - Held that:- Confirmation by the CIT(A) is not proper whether the account is used for business purposes or not. The deposits in the bank account pertain to assessee. Assessee had substantial income during the year and that too he is doing retain business in IMFL. There is no allegation that these amounts also pertain to the business by the AO. Since the deposits are through-out the year in small amounts and since the corresponding credits in the books of account are not verified by the AO and the books of account having been rejected, we are of the opinion that the deposits can be telescoped to the income estimated on the business - deposits in the bank account need not be separately assessed, when income was estimated more than what assessee has disclosed - direct the AO to delete the addition
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