2010 (7) TMI 778

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....me Tax Appellate Tribunal, on a reference application filed by the assessee before it, the solitary question which is referred for our consideration, reads as follows: "Whether on the facts and in the circumstances of the case, the Tribunal was correct in holding that the onus was on the assessee to establish the source of receipt of the amounts aggregating Rs. 3 lakhs shown to have been receiv....

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....failed. 3. Mr. Aggarwal, learned counsel for the assessee, has proceeded on the premise that the order of the Assessing Officer be treated aforesaid receipt as income from undisclosed sources may be considered as correct. He has, however, made a neat submission before us viz. once the Assessing Officer had not accepted the receipt of the aforesaid amount as sale proceeds and treated it as incom....

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....00 Purchases 3000.00 Closing stock 2000.00 Profit 4000.00     Total 8000.00 Total 8000.00 Trading Account (According To Revenue) Rs. Rs. Opening Balance 1000.00   Sales 5000.00* Purchases 3000.00 Closing stock 2000.00 Profit 3000.00     Total 7000 00 Total 7000.00 Add: Income....

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....sary for the Assessing Officer to reduce the total sale figure. This is more so, when there is no dispute about the figures of opening balance and closing balance disclosed by the assessee as those figures are accepted by the AO. 4. We may also note in this behalf that the assessee had taken this specific plea, in the alternative i.e. without prejudice to his contention that the sales were actu....