TMI Blog2022 (1) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... Department by : Ms. Smita Verma ORDER Per Shri Shamim Yahya ( AM ) : - This appeal by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-37 dated 16.08.2019 and pertains to assessment year 2008-09. 2. Grounds of appeal read as under:- 1. Learned Commissioner of Income Tax (Appeals) erred in partly confirming the order of Learned Assessing Officer sustaining additions u/s 68 of the Act of ₹ 3,16,715/- on the plea that the same is unexplained cash credit out of original additions of ₹ 34,60,500/-made by Learned Assessing Officer. 2. Appellant submits that in view of the facts and circumstances of the case as well as in law, the said additions of ₹ 3,16,715/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal additions made by AO in his Assessment Order is ₹ 34,60,500/- of which Appellant had pointed out an error in the Assessment Order u/s 144 of the Act in mentioning cash deposits in Vijaya Bank at ₹ 17,75,000/- as against correct figure of ₹ 11,90,250/- which is also accepted by AO in his Remand Report and thus additions of ₹ 5,84,750/-, on account of excess cash deposit wrongly assessed, is deleted. Appellant has explained source of ₹ 28,75,750/- by way of submitting a detailed monthwise, date-wise cash summary and annual cash book in the form of Receipts and Payment account. The tabular representation of detailed analysis of AO's enquiries with vendors of Appellant made during the course of Reman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions and judicial pronouncements, I hold that of 25% %f those amounts remaining unconfirmed i.e. 2,56,124/- (being 25% of ₹ 10,24,497/-) from the purchases claimed, ought to be disallowed in the interest of equity and natural justice. GP Margin on purchases of Appellant's business has been worked out as under from the Profit and Loss Account submitted by him: Sales 38,76,061 Closing Stock 2,26,330 41,02,391 Purchases 32,76,929 Opening Stock 50,250 33,27,179 G.P. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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