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INCOME-TAX OFFICER Versus ANKUR GARG (and vice versa)

Unaccounted cash sales - CIT(A) deleted the addition - Held that:- There is force in the contention of learned counsel for the assessee that even if the cash sales issue is presumed to be against the assessee, then also only net profit rate could be .....

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surrender of ₹ 2,00,000, which was surrendered by the assessee in its return of income. In these facts, we hold that there is no mistake in the order of the Commissioner of Income-tax (Appeals) in deleting the addition of ₹ 7,50,000 on a .....

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15 - G. C. GUPTA (Vice-President) and INTURI RAMA RAO (Accountant Member) Smt. Belu Sinha for the Department. P. K. Sehgal, Advocate and Utsav Sehgal, Chartered Accountant, for the assessee. ORDER 1. This appeal by the Revenue and the cross-objection .....

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e) : 2. The learned Departmental representative at the outset submitted that there is a delay of 20 days in filing the present appeal before the Tribunal and the delay was due to the Departmental difficulties. The same may, therefore, be condoned. Le .....

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the Revenue is as under : "1. The learned Commissioner of Income-tax (Appeals) has erred in law and on facts of the case in deleting the addition of ₹ 7,50,000 made on account of unaccounted cash sales, ignoring the evidence in the form of .....

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red to the relevant portion of the assessment order in support of the case of the Revenue. Learned counsel for the assessee submitted that the Commissioner of Income-tax (Appeals) has passed a well reasoned and speaking order on the issue. He submitt .....

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s observed that the assessee has already made a surrender of ₹ 2,00,000 and the same has been assessed by the Department, which shall cover the possible profit on the disputed cash sales of ₹ 7,50,000. 5. We have considered the rival subm .....

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essee, then also only net profit rate could be applied on such sales and that shall be covered by the amount of ₹ 2,00,000 surrendered already by the assessee and has been assessed by the Department. We find that the Assessing Officer in the co .....

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