2013 (3) TMI 371

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....d unexplained investments for the above said transactions at Rs. 25,000 on estimation and guess work. 2. That addition has been upheld against the facts and circumstances of the case and submissions made by us has not been considered properly. 3. Notwithstanding above said grounds of appeal, it is submitted that the ld. CIT(A) has erred in not considering that no addition can be made as no incriminating nature of documents were found and seized during the course of search and seizure operation in view of the Special Bench judgment in the case of All Cargo Global Logistics Ltd and Others as reported in 147 TTJ 513." 3. Out of above, ground No. 3 was not pressed, therefore, the same is dismissed as not pressed. 4. Grounds No. 1 & ....

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....kiln was already running on which profits were also returned, therefore, even if some sales were carried outside the books of account, there was no justification for addition on account of investments towards conducting sales outside the books of account. 6. On the other hand, the ld. DR for the revenue strongly supported the order of Assessing Officer and the ld. CIT(A). 7 After considering the rival submissions we find that the assessee did not produce even trading and profit and loss account etc. after being given various opportunities. Seized documents clearly show that sales and some expenditure was carried out which was not shown in books. The Assessing Officer was totally justified in estimating the profit. The profit is approx....

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.... No. 3 was not pressed, therefore, the same is dismissed as not pressed. 10. Grounds No. 1 & 2 - After considering the rival submissions we find that a search was conducted in the premises of Shri Narinder Kumar Sharma Group of cases and the assessee is related to that group. During the course of search certain incriminating documents were found and seized. It was noted by the Assessing Officer that search documents revealed that the assessee had made sales outside the books of account amounting to Rs. 18,33,075/- and the Assessing Officer estimated the addition of Rs. 2,50,000/- on account of undisclosed profits on sales and Rs. 1.00 lakh investments in such sales. On appeal, the ld. CIT(A) confirmed the action of the Assessing Officer.....