2018 (2) TMI 1578

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... u/s.147/144 on 11.02.2015 making an addition of 1, 00, 000/- u/s.69 on account of difference between the amount shown in the bank account maintained with Allahabad Bank and the amount shown in the books of accounts of assessee. On appeal, the CIT(A) confirmed the action of AO. As the original assessment u/s.143(3) was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of 49, 10, 212/-. It is trite law that once the books of accounts of the assessee are rejected, the same cannot be relied for making addition u/s.69 - Decided in favour of assessee.
Shri N. S. Saini, Accountant Member For the Assessee : Shri S.S.Padhy, AR For the Revenue : Shri D. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... est to treat the return original return u/s.148 03/06/2014 142(1) 16/06/2014 Notice returned back unserved 19/06/2014 142(1) 25/06/2014 Duly served by hand No compliance 13/08/2014 142(1) 25/08/2014 Duly served by Speed Post No compliance 22/09/2014 Show cause with 142(1) 29/09/2014 Duly served by Speed Post No compliance 09/10/2014 142(1) 143(2) 28/10/2014 Duly served by Speed Post No compliance 28/10/2014 142(1) 10/11/2014 Duly served by Speed Post No compliance 11/11/2014 142(1) 18/11/2014 Duly served by Speed Post - 08/01/2015 142(1) 27/01/2015 Duly served by Speed Post No compliance 28/01/2015 142(1) 05.02.2015 Duly served by Speed Post No complianc .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ers of the lower authorities. 8. I have heard rival submissions and perused the material available on record. In the instant case, the undisputed facts of the case are that the AO made assessment u/s.143(3) of the Act by passing the order on 23.12.2011 by rejecting the book results of the assessee and estimating the income by applying rate of 8% on the gross contract receipts of ₹ 49, 10, 212/- and estimated the income at ₹ 3, 92, 816/-.Thereafter the AO passed an order u/s.147/144 of the Act on 11.02.2015 making an addition of ₹ 1, 00, 000/- u/s.69 of the Act on account of difference between the amount shown in the bank account maintained with Allahabad Bank and the amount shown in the books of accounts of assessee. On a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X