2013 (5) TMI 986

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....ak Raushan, Sr.S.C. O R D E R Per Bench : This appeal has been filed by the assessee against the order of the CIT(A), Jamshedpur dated 31.01.2013 for the assessment year 2009-10. 2. The issue involved in this appeal in ground nos.1 to 7 relates to the addition of Rs. 4,75,43,168/- under the head cash sales and deposited in the bank under section 68 of the Income Tax Act. The Assessing ....

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....ival submissions and carefully considered the same. We noted that the Assessing Officer, while making the assessment, has computed the total income of the assessee by taking the net profit as per the Profit & Loss a/c.. Thereby, the Assessing Officer himself, on the one hand, had accepted the sales shown by the assessee in its books of accounts except the net profit is always arrived at after dedu....

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....n no question of making any disallowance or addition on the basis of the books of accounts can arise under section 144, the income has to be estimated on the basis of the materials available on record. Once the income is estimated by invoking the provisions of section 144, in our opinion, no further addition or disallowance can be made by the Assessing Officer. Our aforesaid view is duly supported....

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....in view of the Full Bench judgment of Ranchi Bench of Patna High Court delivered in the case of Smt. Tej Kumari, the revenue can levy the interest only on the total income declared in the returns and not on the income assessed and determined by the A.O. to that extent. The orders passed by the authorities below are accordingly modified and interest shall be chargeable in the light of the Full Benc....