TaxTMI 
TaxTMI 
2013 (2) TMI 765
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....red in law and on facts in restricting the addition made on account of income from undisclosed source of ₹ 35,33,414/- to ₹ 1,80,000/-. 2. The learned CIT(A) should not have accepted the assessee's version that the sale proceeds pertaining to HUF are deposited with assessee's bank account, hence, the same are to be treated as unaccounted sales and only G.P. u/s.44AF to be taken for tax purpose. 3. The learned CIT(A) has not appreciated the fact that the pass book entries are not self explanatory about the alleged purchases and sale, hence, the cash deposits should not have been treated as the deposits of sales. 2.1. In the Cross Objection, the assessee has raised the following ground:- 1. Without prejudice to the above, a....
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....was in the status of HUF. Therefore, he has held that the claim of the assessee that the business of Iron scrap belonged to HUF was an after thought. Upto this extent, the assessee's claim was dismissed. About the amount of income to be taxed in the hands of the individual, the ld.CIT(A) has granted part relief and restricted the addition to ₹ 1.80 lacs after assigning following reasons:- "4.3. Now coming to the next contention of the appellant that the transactions in the said bank a/c were related to the Iron scrap business, it was rejected by AO simply for the reason that sales cannot precede the purchases because sales (credit) comes first before the purchase (debit) in the bank a/c. However from the perusal of the bank statemen....
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....but still there would be a question of determining income in respect of these transactions. There is no evidence on record except the statement of the appellant with regard to the nature of business carried on by him and the details relating to the computation of income. The appellant has filed return of income on 13.08.2009 declaring income of ₹ 1,76,660/- u/s.44AF in respect of the transactions appearing in this bank a/c. In view of such statement made by the appellant in his return of income under due verification and there being no other evidence to disbelieve it, I am inclined to accept as the transaction relating to retail trade. But the documents relating to this business such as sales purchase invoices, books etc. neither main....