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2019 (2) TMI 237 - HC - Income TaxAddition of advance amount repaid by the assessee - whether AO could bring anything material on record to prove that the assessee has made repayment to the customers? - Held that:- As regards the deletion of ₹ 10,86,557/-, the IT Appellate Tribunal has not agreed with the finding of the CIT(A) as detailed in paragraph 33 of the order and concluded that the Assessing Officer has rightly applied addition of net profits at the rate of 8% p.a. on the total sale of assessee. Consequently, set aside the finding of the CIT(A) and confirmed the addition. Having perused the orders passed by the AO, CIT(A) and the IT Appellate Tribunal, we are of the considered view that the IT Appellate Tribunal did not commit any error of law and fact while disallowing the addition of ₹ 39,71,000/- as against the addition of ₹ 45,13,000/- made by the assessee. The entire gamut of matter is in realm of facts. No question of law.
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