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TMI Blog2022 (4) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT ORDER PER MAHAVIR SINGH, VP: This appeal by the assessee is arising out of the order of the learned Commissioner of Income Tax (Appeals)-7, Chennai in ITA No.113/CIT(A)-7/2018-19 dated 28.06.2019. The assessment was framed by the ITO, Ward-1, Tiruvallur for the assessment year 2013- 14 u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 (hereinafter 'the Act') vide order dated 28.12.2018. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,58,01,195/- after deducting sweep transfer out of total credit in bank account at Rs. 3,28,51,635/-. The AO computed the profit and gains of business on presumptive basis after applying the provision of section 44AD of the Act and assessed the net profit equal to 8% of the total credits of Rs. 1,58,01,195/- and thereby added the estimated income at Rs. 9,79,272/- and assessed total income at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or (iii) a person carrying on any agency business. However, ld.counsel stated that the net profit or agency commission earned by commission agents dealing in agricultural produce is at 2%. When these facts were confronted to ld. Senior DR, he could not controvert the above stated facts and position of law. 4. We noted that the legal position is very clear that profit rate as mentioned in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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