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2023 (2) TMI 911 - ITAT GUWAHATIUndisclosed sales and estimated profit of the outside book sales at 3.9% - CIT(A) deleting the addition for undisclosed sale and sustaining the addition only to the extent of net profit element embedded in the alleged undisclosed sale - HELD THAT:- Finding of the ld. CIT(A) is in line with the judicial precedents as held consistently including in the judgment of President Industries [1999 (4) TMI 8 - GUJARAT HIGH COURT], as well as by the decision of the ITAT Delhi Bench in the case of Anil Kumar Bajaj [2018 (6) TMI 1512 - ITAT DELHI] We fail to find any infirmity in the order of the ld. CIT(A) who has rightly taken into consideration the net profit offered by the assessee in the last three years and has also taken into consideration that purchases made by the assessee are only made from Bharat Petroleum Ltd. and the ld. Assessing Officer has not disputed the said purchases and since the sale prices are not in control of the assessee and they have to be kept as per the rates decided by the oil marketing companies, the margin of profit can only be subject to tax. Thus, since the CIT(A) has applied highest of the net profit rate i.e., 3.90 % on the alleged undisclosed sales, we do not find any reason to interfere in the said finding. Thus, the effective ground of appeal raised by the revenue stands dismissed.
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