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2018 (1) TMI 1721 - AT - Income TaxAssessment u/s.144 - disallowance at 10% of the total receipts, relying on tax audit report and copies of some alleged accounts - CIT(A) has reported that during remand proceedings, the books of account were not called for verification and directed the AO to apply net profit at 3.5% of the total receipts and deleted the disallowance made by the AO - HELD THAT:- Before us, D.R. could not point out any specific mistake in the order of the CIT(A) - we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed. Ground No.1 of appeal is dismissed. Addition u/s 68 - assessee has failed to substantiate the identity and creditworthiness of the creditors and genuineness of transaction, the AO disallowed the same - CIT(A) observed that the assessee has furnished compete postal address and PAN particulars of the creditors and address of the creditors to the Assessing Officers with whom the creditors are assessed to tax, thus deleted addition - HELD THAT:- We find that the assessee has furnished the details of the income tax returns alongwith PAN. It has also been informed that the lenders have given confirmation. Therefore, the assessee has complied with the conditions prescribed in the provisions of Sec. 68 of IT Act. Considering all especially when no adverse remarks is on record, we find no reason to reverse the findings of the ld CIT(A). Hence, we reject the ground of appeal taken by the revenue. Appeal filed by the revenue is dismissed.
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