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Income Tax Appellate Tribunal, RANCHI BENCH “SMC” RANCHI
Before: Shri S.S, Godara
आदेश /O R D E R (Oral) This assessee’s appeal for assessment year 2011-12, arises against the Commissioner of Income-tax (Appeals)-Dhanbad’s order dated 21.08.2019 passed in case No.CIT(A), Dhanbad/10115/2017-18, involving proceedings u/s. 147 r.w.s. 144 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.
Learned counsel representing assessee is fair enough in not pressing for his former two substantive grounds challenging validity of re-opening as well as FDR addition of Rs.48,000/-; respectively.
Sh.Deepak Kr. Gupta Vs. ITO Wd-1(3) DHN Page 2 3. Next comes the sole surviving issue of profit rate addition @ 3.78% Rs.3,86,553/-; qua the alleged difference in turnover of Rs.1,02,26,270/- treated as alleged cash deposits. I notice from para-9 of the assessment order that the Assessing Officer has made it clear that two credit instances of Rs.40,75,861/- and Rs.95,81,597/- represented assessee’s wife Smt.Nirmala Gupta’s as many proprietorship concerns namely M/s Ganpati Sales and Anil Enterprises ; respectively. The aggregate of both these sums very well exceeds the alleged difference in turnover of Rs.1.02,26,270/- leaving no scope of any such profit estimation in assessee’s hands since not representing this taxpayer’s income. I accordingly delete the same. Necessary computation including that of interest shall follow as per law.