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2021 (2) TMI 1084 - AT - Income TaxEstimation of income - addition qua estimated profit @8% in banana trade - cash deposits as confirmed by the buyers of the Assessee on which the Assessee did not offer any income in his return of income, therefore, treating the said cash deposits as sale proceeds of the Assessee qua banana trading - HELD THAT:- CIT(A) did make any analysis qua comparable case and of the Assessee and passed the order in cryptic manner and affirmed the estimation @8%. CIT(A) further failed to base affirmation of estimation @8% on any material and/or circumstances while ignoring the comparable case. From the perusal of income tax return filed by the Viswajanani Fruit Company for the A.Y. 2012-13 as quoted by the Assessee as a comparable case, it reflects that the profit from banana trading has been estimated @ 3.6% only. Though the Ld. DR supported the orders of the authorities below, however failed to bring on record any material contrary to the comparable case. Though it is not the case of the Assessee that comparable case has attained finality, however there is no material to substantiate that the comparable case is under challenge or otherwise has not attained finality. Assessee's case and comparable case also relates to A.Y. 2012-13, hence, considering the comparable case (A.Y. 2012-13) and estimation thereof qua trading of banana, we are inclined to allow the plea of the Assessee and therefore direct the AO to re-compute the estimation @3.6% of the turnover qua banana trading. Appeal filed by the Assessee stands allowed.
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