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2009 (7) TMI 52

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....enue has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, "the Act) against the order of Income Tax Appellate Tribunal, Amritsar Bench, Amritsar dated 30.12.2008 passed in ITA No. 442 (ASR)/2008 and ITA No. 453 (ASR)/2008 for the assessment year 2005-06, proposing to raise following substantial questions of law:- (i) "Whether on the facts and in the circumstances o....

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....made on account of wages under section 69 of the I.T. Act, 1961 resulted into unaccounted income to the assessee?" (iv)"Whether on the facts and in the circumstances of the case, the ITAT has erred in law in not accepting that the estimate of unaccounted income was made by the AO on scientific and logical basis?" 2. During the pendency of assessment proceedings, a survey was conducted by the Dep....

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....hat the loose papers did not relate to payment of wages during the year in question may not be accepted, in absence of any other material, the loose sheets by itself were not enough to make addition as per estimate of the Assessing Officer. It was observed:- "Now the question is regarding estimating the income on the basis of these loose slips. In our opinion, the AO is not justified in estimatin....