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2022 (8) TMI 948 - ITAT KOLKATADetermination of income - applying the G.P. rate of 8% on the entire deposit made by the assessee - whether peak credit is not applicable where deposits remain unexplained under section 68 of the Act? - HELD THAT:- As there is a clear cut findings given by the CIT(A) that the assessee during the course of assessment proceedings as well as appellate proceedings inspite of repeated request he did not produce bills/vouchers relating to sales and purchase, purchase and sales ledger etc. and accordingly, the AO has no other option but to assessed the income of assessee by adopting gross profit of 8% on total deposits and estimated the business income of assessee accordingly. As the appellant has completely failed to give any satisfactory reply about the proof of the nature of his business, therefore, AO had no other option but made an addition and the same was confirmed by the ld. CIT(A) also. In the light of the above facts and circumstances, we note that conclusion arrived by the ld. CIT(A) does not require any interference therefore, we confirmed the orders of ld. CIT(A) and accordingly dismiss the grounds raised by the appellant.
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