TMI Blog2023 (2) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... n by estimating for profit @5% on sale of unregistered dealers/purchases which has been reduced to 1.25% by Ld. CIT(A), Jamnagar which were being upheld by Co-ordinate Bench of this Tribunal. It is demonstrated by the assessee before us in various six other assessee s cases, the additions made by the Assessing Officer were reduced to 5% by the Ld. CIT(A). In the present case, the assessee has offered 8% on the cash deposits made in her bank account, which we found a reasonable declaration made by the assessee u/s. 44AD of the Act. Thus the grounds raised by the assessee is hereby allowed and the additions made by the lower authorities are deleted. Appeal filed by the Assessee is hereby allowed. - ITA No. 288/Rjt/2019 - - - Dated:- 18-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 11.11.2017 declaring total income at Rs. 1,55,830/-. 2.1. During the re-assessment proceedings, the assessee submitted that as per Section 44AF of the Act, the assessee is not required to maintain regular books of accounts. However to prove cash deposits made in State Bank of India account, the assessee could not produce evidences for cash sales made by her. Therefore the Assessing Officer made addition of Rs. 16,53,270/- as unexplained money and added as the income of the assessee and demanded tax thereon. 3. Aggrieved against the same, the assessee filed an appeal before the Ld. Commissioner of Income Tax (Appeals), Jamnagar. The assessee submitted that she filed Return of Income declaring 8% of Rs. 18,09,100/-, as the profit u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,85,365/- 5% 4 Nitinkumar N. 2(2), Jamnagar 32,15,895/- 8.33% 2,67,884/- 5% 5 Rashik R. Kapuria 2(2), Jamnagar 27,25,195/- 19.28% 5,25,417/- 5% 6 Hardik K. Nadhava 2(1), Jamnagar 16,92,250/- 100% 16,92,250/- 5% 3.1. Similarly, Rajkot Bench of ITAT in the case of Balkrishna Dwarkadas Vs. ITO in ITA No. 92 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee Mr. Chetan Agarwal reiterated the same arguments made before Ld. CIT(A) and pleaded that the assessee had offered 8% on the cash deposits made before in her bank account. Similar transactions carried out by the other vendors namely Dipesh C. Haria , Bhagwan O. Kotadia, Pravin L. Busha, Nitinkumar N., Rashik R. Kapuria and Hardik K. Nakhava wherein their respective Assessing Officers namely ITO Ward 1(3), 2(2) and 2(1) made higher estimations which has been restricted to 5% by CIT(A) or ITAT. The Assessee herein had done trading of brass products and supplied goods to various parts of India, from where cash was deposited in their respective bank account which is admittedly unaccounted sales and not undisclosed investments and thereb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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