2025 (4) TMI 399

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....5 and 6 is against the order of ld. CIT (A) confirming the addition of Rs. 43,28,864/- as made by the ld. AO by estimating the income by applying the GP rate 18.82% of the total turnover i.e. 2,30,01,402/-. 04. The facts in brief are that this is second round of litigation before the Tribunal. During the first round the appeal was restored to the file of the ld. AO with a direction that the income of the assessee may be estimated by taking into account the GP rate at 18.82% in para no.3 of the appellate order in ITA No. 1378/KOL/2016 for A.Y. 2010-11 vide order dated 03.05.2019. Accordingly, the ld. AO applied the said GP rate on the total turnover and added Rs. 43,28,864/- to the income of the assessee by applying the GP rate at 18.82% ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bsp; Profit & Loss Account for the year ended 31.03.2010 Printing & Stationary 328820.00 Gross Profit 4071905.00   Staff Welafare 121154.00 Service Tax 2862240.00   General Expenses 223426.00       Office Rent 144000.00       Mess Charges 903664.00       Travelling Expenses 373449.00       Bank Charges 73302.00       Rates & Taxes 370.00       Professional Charges 60000.00       Serve Tax 2862240.00       Audit Fees 2000.00       ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... as unexplained cash credit. 09. The facts in brief are that the assessee has made a huge deposits into and withdrawals from the bank account which according to the ld. AO were not reconciled and he accordingly added Rs. 15,82,148/- to the income of the assessee as unexplained cash credit. However, on the other hands, we note that the assessee has deposited and withdrawn the money from the same bank account and these were repeated transactions done by the assessee and all are reported in the books of accounts maintained by the assessee for the business purposes. Moreover, the addition made by the ld. AO on account of deposits and withdrawals of money and any discrepancy therein cannot be made where the income has been estimated by apply ....