TMI Blog2021 (2) TMI 1084X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,05,200/- 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, the income in respect thereof was estimated @8% which worked out to ₹ 9,68,416/- and resulted into addition to the total income of the Assessee. 4. On appeal the ld. CIT(A), affirmed the action of the AO by holding as under:- 5. I have perused the material available on record, written submissions made by the appellant and the assessment order. The appellant challenged the only addition made on account of income estimated on the sale proceeds of banana plantains @8%, which works out at ₹ 9,68,416/-. The appellant stated that the said estimation i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is not squarely applicable to the Assessee's case as there is difference in the nature of trade. In our considered view, the Ld. 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%. The Ld. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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