TMI Blog2013 (3) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... isclosed sales is concerned, the assessee was already running a brick kiln and investments have already been made. No material was found to show the additional investments and accordingly the addition of Rs. 25,000/- on account of additional investments for conducting undisclosed sales is to be deleted. - ITA No. 950, 951 & 955/Chd/2012 - - - Dated:- 19-2-2013 - T. R. Sood , A. M And Sushma Chowla, JM,JJ. For the Appellant :Shri Sudhir Sehgal For the Respondent : Shri Manjeet Singh ORDER These appeals are directed against the order passed by the ld. CIT (A)-I, Ludhiana dated 24.7.2012. 2. In this appeal the assessee has raised the following grounds: "1 That the ld. CIT(A) has erred in upholding addition made by the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,10,450/-. In response to show cause notice that why profit should not be estimated on the basis of these documents, it was stated that relevant documents related to the lease of land of bricks kiln at Village Salempur, Distt. Mohali. The lease period started from 1999 @ Rs. 45550/- per month. This reply was rejected because the said seized documents relate to sales of bricks as well as the expenditure. On the basis of these documents the Assessing Officer estimated profit of Rs. 60,000/- on sales outside the books of account and also estimated a sum of Rs. 25,000/- towards investment on these transactions which was carried outside the books of account. On appeal, the ld. CIT(A) confirmed the action of the Assessing Officer. 5. Before u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rounds: "1 That the ld. CIT(A) has erred in upholding addition made by the Assessing Officer on account of unexplained profit on transactions outside the books of account amounting to Rs. 2,50,000/- and alleged unexplained investments for the above said transactions at Rs. 1,00,000/- on estimation and guess work. 2. That addition has been upheld against the facts and circumstances of the case and submissions made by us has not been considered properly. 3. Notwithstanding above said grounds of appeal, it is submitted that the ld. CIT(A) has erred in not considering that no addition can be made as no incriminating nature of documents were found and seized during the course of search and seizure operation in view of the Special Bench jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidering the rival submissions we find that the profit has been estimated on undisclosed sales and Rs. 2,50,000/- on the basis of undisclosed sales of Rs. 18,33,075/. This seems to be on higher side particularly when we compare the estimated profit for Assessment year 2002-03 in similar circumstances. Accordingly we revise the estimated profit to Rs. 2.00 lakhs and accordingly direct the Assessing Officer to make addition of Rs. 2.00 lakhs in respect of estimated profit against undisclosed sales. 14 As far as addition on account of investment is concerned, we agree with the ld. counsel of the assessee that in the absence of any incriminating documents showing investments for conducting undisclosed sales, this addition should not have bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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