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TMI Blog2014 (6) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have heard the learned Counsel and learned D.R. in detail and perused the paper book containing 19 pages. 3. CONDONATION OF DELAY : The appeal is filed with a delay of 16 days. Even though the condonation petition was not filed along with the appeal memo, the same was filed in the course of hearing seeking condonation by filing an affidavit. It was explained that due to illness of the Managing Partner the appeal papers could not be prepared in time and that there was delay of 16 days. After considering the rival contentions and perusing the reasons given in the petition, we are of the opinion that there is reasonable cause for condoning the delay of 16 days. Therefore, the appeal is admitted. 4. Assessee is a partnership firm and eng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) examined the first contention with reference to the source of cash withdrawals and gave a finding that there were no cash receipts/deposits in Syndicate Bank and all the deposits were by way of transfer/clearing, but not by cash. Therefore, withdrawal from ICICI Bank does not help the deposits in Syndicate Bank. With reference to the argument that the deposits in Allahabad Bank does not pertain to the year under consideration, however has missed the attention of the Ld. CIT(A) and there is no discussion on that issue. He confirmed the turnover as quantified by the A.O. 6. With reference to the estimation of income, considering the fact that assessee has not furnished any information with reference to past profits and depending on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... examined by the Ld. CIT(A) and also not raised before the A.O. as there was no compliance to various notices before the A.O. In view of this, we are of the considered opinion that this aspect require examination by the A.O. who is directed to examine the information available on record and exclude the amount of Rs.48,78,480/- if it is indeed pertains to period prior to 31.03.2008. The contentions to this extent on the turnover is therefore, restored to the file of the A.O. for due verification and necessary action. 10. Coming to the other contention that the deposits in Syndicate Bank are sourced from withdrawals from ICICI Bank, it is worth mentioning the findings of the Ld. CIT(A) at para 7.2 of his order as under : "7.2. . . . . . . Fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions on this are rejected. Ground No.2 pertain to gross business receipts are partly allowed for statistical purposes. 11. Coming to ground No.3 on estimation of income, as briefly stated earlier, A.O. estimated the income at 15% whereas, Ld. CIT(A) reduced it to 12.5%. His findings in para 7.4 are as under : "7.4. The appellant firm is engaged in the business of real estate and is continued for few years including the immediately preceding years. However, no such indication as to the percentage of the profits as adopted for the earlier years, brought on the record, either by the appellant or the A.O. Under the circumstances, it may be pertinent to refer to the ratios of judicial decisions on the subject matter, where the profits are put ..... X X X X Extracts X X X X X X X X Extracts X X X X
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