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2019 (1) TMI 101 - AT - Income TaxAdditions on account of gold and cash found during the course of search proceeding - rejecting books of accounts, holding that assessee is engaged in unaccounted sales and purchases of bullions - making addition by estimating gross profit ratio @ 1% on alleged business of unaccounted trading of bullion without any cogent basis, therefore we thought it fit to dispose of the same by this common order - Held that:- The material found from an unconnected person cannot be added in the assessee's hands when even the said person had not admitted that it relates to the assessee. Thus, no addition can be made on account of entries found from the premises of Gajmangal, merely on the basis of surmises and conjectures. Hence the additions made by AO and confirmed by CIT(A) are not sustainable and thus are ordered to be deleted. Resultantly, these grounds raised by the assessee stands allowed.
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