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2021 (5) TMI 851 - AT - Income TaxEstimation of income - books of accounts of the assessee were rejected and provisions of Section 145(3) of the Act were invoked - Addition is sustained by the ld. CIT (A) based on the findings of the ld. CIT (A) in assessee’s own case for assessment year 2010-11 wherein the profit @ 5% on the turnover was estimated - HELD THAT:- In the present case the addition is also based on the order of the ld. CIT (Appeals) for assessment year 2010-11. This order has now been restored back to the ld AO for that year. Therefore, looking to the facts that when additions are confirmed on the basis of the order of ld CIT (A) for earlier years which has already been sent back to the ld AO for fresh decision, there is no reason that why this year should also not be restored back to the file of the ld AO for fresh assessment . SO, we also set aside this appeal with similar direction to the file of the Assessing Officer. Needless to say that the assessee is to show correct income with cogent material before the Assessing Officer. Accordingly, the solitary ground of appeal of the assessee is allowed with above direction. Excess opening stock - Addition of difference in the opening stock as well as the closing stock - HELD THAT:- AO did not care to consider that whether the assessee is having the above stock as actual stock with the assessee and if so what is the source of investment for the above stock. The Assessing Officer has not even examined the source of stock nor was such stock found during the course of survey on 17.09.2013 and 29.09.2013. No purchase vouchers or details were also found during the course of survey. In view of this, we do not find any infirmity in the order of the ld. CIT (Appeals) and thus, the solitary ground of appeal of the ld. Assessing Officer is dismissed.
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