TaxTMI 
TaxTMI 
2016 (2) TMI 1274
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....heard the parties and perused the record. The assessee filed return of income for the year under consideration declaring a total income at Rs. 1,17,004/-. During the course of assessment proceedings, the AO recorded a statement on oath from the assessee with regard his business activities. Further the AO had also received AIR information to the effect that the assessee has deposited a sum of Rs. 10,89,000/- by way of cash in a bank account maintained with State Bank of India. The AO assessed the entire amount of cash deposit of Rs. 10,89,000/- as income of the assessee under section 68 of the Act. In the statement recorded from the assessee, he has stated that he has average sales of 1500 mixers-grinders in a year an....
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....s justified in considering the bank deposits as relating to business transactions. However, we are unable to understand as to why he considered them as relating to spare parts business and not related to mixer grinder business. Be that as it may, we notice that the Ld CIT(A) has estimated the rate of profit on the basis of statement given by the assessee and hence we do not find any reason to interfere with his order on this issue. 5. The next issue relates to estimation of income from sale of mixergrinder. We notice that this addition has also been made on the basis of statement given by the assessee, wherein he had stated that he is selling approximately 1500 pieces of mixer-grinders in a year. The ne....