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2018 (10) TMI 916 - AT - Income TaxAddition being cash deposits made into the bank accounts of the assessee - Held that:- We are unable to agree with the percentage of profit claimed by the assessee. The fact that the receipts are coming from faraway places also show that the assessee should be incurring expenses in his business. Under these set of facts, we are of the view that this issue may be put to rest, if the “net income”, i.e., net of all expenses is estimated at 5% of the aggregate amount of deposits. Accordingly we direct the AO to estimate the business income of the assessee @ 5% of aggregate amount of deposits. The assessee has already declared a sum of ₹ 2,04,525/- as his business income. Hence the difference between the business income estimated at 5% of aggregate amount of deposits and the business income declared by the assessee shall be added by the AO. Appeal filed by the assessee is partly allowed.
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