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2016 (10) TMI 697 - ITAT DELHIEstimation of income - profit may be taken @8% of the total receipts/ deposits as against the addition made u/s. 68 on account of cash deposit - Held that:- In the present case, the assessee has not disclosed the income from the business in her return of income filed for AY 2009-10 and it is only after the AO has unearthed the undisclosed bank accounts and confronted with the facts, that the assessee had disclosed it before the AO. But later in the assessment proceedings bills and vouchers were produced before the AO, although the bills/vouchers do not contain any names etc. Therefore, Ld. CIT(A) has rightly relied on the Hon'ble Gujarat High Court judgment in the case of CIT vs. President Industries [1999 (4) TMI 8 - GUJARAT High Court] and held that it was reasonable that the assessee is taxed at the rate of 8% of gross receipt under section 44AD of the Act. As further find that Ld. CIT(A) has taken into account the fact that the assesssee is a part time businesswoman and this is the first year of her business venture and bills/vouchers were produced. Accordingly, taxable income from business was rightly estimated at ₹ 2,89,150/ by the Ld. CIT(A) which does not need any interference on my part, hence, uphold the same and dismiss the ground raised by the Revenue.
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