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2019 (8) TMI 1314 - AT - Income TaxUnexplained cash credit - net profit @5% be applied by AO - HELD THAT:- Finding our self in agreement with the view adopted by the co-ordinate Bench in assessee’s own case we allow the appeal filed by the assessee and directs the Assessing officer to apply net profit rate of 5% on bank deposits of ₹ 8,70,000/- which works out to ₹ 43,500/- giving credit to the income of ₹ 70,050/- already shown under section 44AD of the Act, credit of which was rightly allowed by the AO. In effect no addition over and above the returned income would be warranted.
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