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2021 (8) TMI 1204 - ITAT MUMBAISuppressed profit on sale of project - undisclosed income - Estimation of Net profit of suppressed sales - HELD THAT:- This addition was duly and properly made on the basis of material discovered during the search. In our considered opinion learned CIT(A) has taken a correct view of the matter and has addressed all the issues. Accordingly, we uphold the order of learned CIT(A). Addition u/s.40(a)(ia) - Non deduction of TDS - expenses on account of construction expenses and on account of labour charges - HELD THAT:- As the case of the appellant is covered by the decision in case of Bharati Shipyard [2011 (9) TMI 258 - ITAT MUMBAI] and in case of DCIT vs. Ashika Stock Broking Ltd [2010 (11) TMI 555 - ITAT, KOLKATA]. Therefore, it is held that the case of the assessee is covered u/s. 40(a)(ia) and the addition made by the AO on this account is upheld. Unexplained cash credit u/s. 68 - HELD THAT:- We find that the assessee has duly submitted additional evidences before learned CIT(A). It was duly submitted that the amount received was booking advance and name of the party, his confirmation and photocopy of the PAN was also submitted. CIT(A) simply rejected the additional evidence on the ground that it was not submitted earlier - issue may be remitted to the Assessing Officer - Appeal by the assessee is allowed for statistical purposes. Rectification of mistake u/s 154 - Addition had been made on the order but the same remained to be added in the computation of total income - HELD THAT:- We find ourselves duly in agreement with the order of learned CIT(A). The Assessing Officer having made addition by discussing in the assessment order and making the addition in the body thereof and has mistakenly omitted it from the computational part. Hence, in our considered opinion there is no infirmity in the order under section 154 correcting the same. As rightly pointed out by learned CIT(A) the merits in this regard could not have been gone into by the Assessing Officer in the proceedings under section 154 of the Act. Hence, we uphold the order of learned CIT(A). Addition u/s 68 - sundry creditors and advances for booking as the parties have not responded to the notice u/s 133(6) - HELD THAT:- In the order of the Assessing Officer, only balances as at the closing of the year has been mentioned. It is not mentioned whether they arose during the year or they are coming from earlier year. In case they are coming from earlier year, addition under section 68 of the Act is not at all permissible. Hence, in our considered opinion this issue needs to be remitted to the file of the AO. AO shall examine the issue afresh in the light of our observation as above and thereafter he will pass an order in accordance with law.
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