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1 - 5 of 5 (0.18 seconds)Heirs Of Decd.Dilipkumar Uttamlal Shah vs Bawaji Navaji Thakkar on 7 October, 2002
4. Now the assessees are before us. Ld. Counsel for the appellants filed
paper book and claimed that the assessees are individual and are in retail
trading business of sarees and dress materials since many years. Shri
Dilipkumar V. Thakkar filed return @ 6.81% on the total income of
Rs.2,39,970/- on the total turn over of Rs. 32,98,660/- under the presumptive
tax scheme u/s. 44AF of the Act, in case of Smt. Chandrika D. Kumar
Thakkar, total income of Rs. 2,42,910/- @ 10.40% on the total turnover of
Rs.23,34,660/- and in case of Smt. Binita K. Thakkar, total income of
Rs.2,41,670/- @ 12.08% on the total turnover of Rs. 19,99,630/-. The
appellants had purchased immovable property alongwith other co-owners. He
further argued that the ld. A.O. issued summon u/s. 131 to six parties. Shri
Nagraj Jain had confirmed the transactions with them. The assessee had
I T A No s . 3 34 , 3 35 & 3 36 / Ah d /2 013 , A . Y. 0 9- 10 Page 9
submitted cash book, ledger, purchase register & sale register to A.O. Other
family members were also in the saree retail business. The peak credit theory
normally applied to non- genuine entries and not to genuine ones. Where
there are many credits, all treated as non genuine. Withdrawals from one
account should be treated as available for credit in another. He filed affidavits
in all cases and claimed that they were doing business from A.Y. 06-07, 07-
08, 08-09 till the year under consideration. He has also drawn our attention
on CBDT Circular No. 5 of 2010 dated 3rd June, 2010 for special provision for
computing profits and gains of business on presumptive basis u/s. 44AD and
also scrutiny assessment in the Income Tax Act with special reference to AIR.
He further relied in case of Bhaiyalal Shyam Behari CIT (2005) 276 ITR 38
(All.). Thus, he requested to delete the addition in all cases. At the outset,
Ld. Sr. D.R. vehemently relied upon the order of the CIT(A) and prayed to
confirm the addition in all the cases.
Section 131 in The Income Tax Act, 1961 [Entire Act]
Section 44AD in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
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