9911796707
TMI Blog2021 (10) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has not maintained his books of accounts. It was also revealed that the assessee had sold built up space for ₹ 1,21,46,655/-. Since the assessee could not furnish sufficient details to determine the profit arising out of the sale of the built-up space of ₹ 1,21,46,655/- the Ld. AO estimated the income on the sale @15% on the turnover which works out to ₹ 18,22,000/- and brought the same to tax. Even before the Ld. CIT (A) the assessee could not furnish the particulars of his income with respect to the sale of built-up space. Therefore, the Ld. CIT (A) magnanimously relied on the provisions of section 44AD of the Act and sustained the addition at 8% of the Turnover. Neither the assessee nor its representative coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Tribunal. In this regard, the assessee s Counsel had submitted a petition for condonation of delay wherein the reasons for filing the appeal beyond the prescribed time limit was explained. For reference, the relevant portion from the affidavit is extracted herein below: - During the relevant period the Chartered Accountant of the petitioner firm was pre-occupied with the prepareation and filing of return of income the last date for which was 31/8/2019. The order of the Ld. CIT (A) got mixed up with other filed and was lost sight off. When the AO was pressurizing for payment of demand, consequent to the disposal of first appeal, the matter of receipt of appellate order was recollected. They searched the office record but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 011 wherein the Ld. AO estimated the income of the assessee on the sale of built-up space at ₹ 18,22,000/- along with another addition amounting to ₹ 4,16,010/-. On appeal, the Ld. CIT (A) granted relief to the assessee with respect to the addition of ₹ 4,16,010/- however, confirmed the addition made for ₹ 18,22,000/- aggrieved by which the assessee is on appeal before us. 6. During the course of scrutiny assessment proceedings, it was revealed that the assessee has not maintained his books of accounts. It was also revealed that the assessee had sold built up space for ₹ 1,21,46,655/-. Since the assessee could not furnish sufficient details to determine the profit arising out of the sale of the built-up spac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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