2010 (7) TMI 1085

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....ondent: Shri Manish Tiwari, AR ORDER Shri B.R.Mittal, Judicial Member. The Revenue has filed this appeal against order dt.23.10.2008 of the Commissioner of Income-tax (Appeals) XXX, Kolkata for the Assessment Year 2004-05. The assessee has filed the Cross objection. 2. The Revenue has raised the following grounds of appeal. "1. That the estimation of appellant's income on the ....

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....bserved that this savings Bank account is purely undisclosed account and the same has been accepted by the assessee. Therefore, the Assessing Officer made the addition of Rs. 10,53,000 to the total income of the assessee. Further the Assessing Officer observed that the assessee had a cheque deposits of Rs. 16,02,618 in the said account but the same is not reflected in the books of account. Therefo....

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.... cheques deposit of Rs. 16,02,.618 aggregating to Rs. 26,57,618. He submitted that the assessee is a manufacturer and trader and therefore, the entire deposit aggregating to Rs. 26,57,618 in the said bank account could not be considered as trading receipt and therefore, the net profit @5% applied by the CIT(A) as income of the assessee is not justified. However, the learned DR submitted that in re....

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.... 5. We have carefully considered the rival submissions of the learned Representatives of the parties and perused the impugned orders of the authorities below. The said amount aggregating to Rs. 26,57,618 deposited in the Standard Chartered Bank, Salt Lake Branch, Kolkata was admittedly not disclosed in the books of account. The assessee has also admittedly failed to disclose the source of the depo....