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TMI Blog2019 (5) TMI 2029X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri S.S. Viswanethra Ravi, JM: This appeal by the assessee against the order dated 15.04.2016 passed by the Commissioner of Income Tax (Appeals)-18, Kolkata ['CIT(A)'] for Assessment Year 2010-11. 2. Ground No.1 raised by the assessee is general in nature and hence requires no adjudication. 3. Ground Nos.2 & 3 raised by the assessee against the order of CIT(A) challenging the confirmation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e such circumstances, the 'SMC' Bench of the Tribunal held that the gross profit @31.75% is to be calculated. In the present case, the ld. AR, taking into consideration of the facts and circumstances of the present case, submits that gross profit 18.82% may be adopted for the undisclosed receipts as found by the A.O and confirmed by the CIT(A). The ld. DR reported no objection for the said rate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce should not be treated as bogus considering the same as income from undisclosed sources. For not giving satisfactory explanation and for not proving the genuineness, creditworthiness of the transactions, the A.O added the said amount to the total income of the assessee. It is noted from the impugned order, the assessee could not prove genuineness, creditworthiness of the transactions in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penditure incurred out of that income, and therefore, method of telescoping is required to be applied in such circumstances. We deem it proper to remand the matter to the file of A.O for telescoping the loans and advances received by the assessee from the parties. Thus, Ground Nos.4 & 5 are allowed for statistical purposes. 5. Ground No.6 is relating to challenging the action of CIT(A) in upholdi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e placed at Paper Book from page 60 to 84, we remand the matter to the file of A.O for his fresh adjudication. The assessee is at liberty to file evidences, if any, in support of his claim. Thus Ground No.6 raised by the assessee is allowed for statistical purposes. 6. In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 03.05.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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