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2018 (12) TMI 214 - HC - Income TaxAdditions in gross profit - addition made solely on the basis of statement of an employee of the assessee - estimation based on Gross Profit rate - suppressed turnover - Held that:- At the time of search, there was detected materials as available from the computer of the assessee showing vast disparity in the sales and purchase disclosed as per the accounts and the actual business carried out by the assessee. The gross profit was also based on the sales and purchase as disclosed from the books of accounts. It is also pertinent that the Manager of the assessee, who made the statement u/s 132(4) had in fact opened a second set of bills in the computer using a password and it was from these materials that a definite pattern of suppression was detected. This pattern having been applied to the earlier assessment years, was perfectly correct and a permissible exercise u/s 144 of the Act being power conferred on the Assessing Officer for proceeding on best judgment. We do not think that there is any scope for interference of the order of the Tribunal insofar as the addition made and adoption of gross profit.- Decided against the assessee
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