TMI Blog2009 (7) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... timation made by the AO and having no iota of evidence in the form of sale bills or bank account or movable and immovable property which represent earning of unaccounted income by the assessee - No doubt, a false explanation of assessee may be a circumstance to be taken into account for recording a finding of undisclosed income and some degree of guess work is also permissible in such a situation, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case the ITAT was right in law in setting aside the appeal of the assessee to the file of the AO for limited purpose for considering the wages recorded in the loose slips and not to make addition on the basis of estimation of sales?" (ii)"Whether on the facts and in the circumstances of the case, the ITAT was right in law in directing to limit the addition u/s 69 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onducted by the Department under Section 133A of the Act on 27.9.2005 in the premises of the assessee and certain incriminating documents were found including a 'Slip Pad' containing payment of wages to various persons. The slips were written by Manoj Jain, an employee of the Assessee, who was confronted with the slips, apart from questioning of the Director. Manoj Jain as well as Director of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stified in estimating the sales on the basis of loose slips without substantiating that the assessee has actually made the sales to that extent of estimation made by the AO and having no iota of evidence in the form of sale bills or bank account or movable and immovable property which represent earning of unaccounted income by the assessee. As such, the ld. CIT(A) to that extent is justified in h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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