TaxTMI 
TaxTMI 
2010 (7) TMI 1085
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.... 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 basis of net profit @5% on addition of ₹....
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....ly undisclosed account and the same has been accepted by the assessee. Therefore, the Assessing Officer made the addition of ₹ 10,53,000 to the total income of the assessee. Further the Assessing Officer observed that the assessee had a cheque deposits of ₹ 16,02,618 in the said account but the same is not reflected in the books of account. Therefore, the Assessing Officer added the sa....
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....it of ₹ 16,02,.618 aggregating to ₹ 26,57,618. He submitted that the assessee is a manufacturer and trader and therefore, the entire deposit aggregating to ₹ 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 resp....
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....et off. 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 ₹ 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....