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2020 (6) TMI 607 - AT - Income TaxEstimation of income - undisclosed stock - GP rate estimation - AR has contended that 1.25% declared by the assessee may be applied in the instant case - HELD THAT:- Admittedly and undisputedly, the excess stock not recorded in the books of accounts was found as on date of survey and surrendered by the assessee company. Therefore, the undisclosed income by way of investment in such excess stock was to be offered to tax in the return of income which the assessee has failed to do so. In the result, we affirm the findings of the lower authorities in this regard. Regarding short stock which has been sold out of books, the AO has estimated gross profit rate of 10% and the ld AR has contended that 1.25% declared by the assessee may be applied in the instant case. Before the AO and the ld CIT(A), the assessee has not contested the rate of gross profit rate on such out of books sale and hence, we are not inclined to examine the fresh plea raised before us and interfere in the findings of the lower authorities and the same is hereby confirmed. In the result, the ground of appeal is dismissed.
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