9911796707
TMI Blog2022 (7) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has declared net profit at Rs. 2,92,780/- on turnover of Rs.19,73,155/-. The assessee declared net profit rate @ 14.80% approx - as based on the information received by the ld. AO, it was revealed that the assessee was operating 12 bank accounts and total amount deposited during the year under consideration is Rs. 95,65,429/-. The turnover shown by the assessee is only Rs.19,73,155/- and remaining amount Rs.75,92,274/- is suppressed turnover, not declared by the assessee in the return. We also find that the ld. AO has fairly applied net profit @ 8% on the total amount deposited in the bank accounts at Rs.95,65,429/- treating it as turnover and calculating net profit at Rs. 7,65,234/- and after giving benefit of income of Rs. 2,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee is time barred by 354 days. The assessee prayed for condonation of the delay. The reasons are placed on record. We, after perusing the same as well as material available on record find merit in the reasonable cause stated by the assessee and the cause of the delay is the illness of the assessee, which prevented him to file the appeal within the statutory time limit and also in the larger interest of justice, condone the delay and admit the appeal for adjudication. 3. When the case was called for none appeared on behalf of the assessee. Perusal of records show that this appeal has been fixed for hearing on number of occasions from 23-06-2020 and onwards. Various notices have been issued including notice issued through R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ared turnover at Rs. 19,73,155/- whereas in the bank accounts operated by the assessee sum of Rs. 95,65,429/- was deposited. The ld. AO applied net profit @ 8% on the total amount of bank deposits treating it as turnover of assessee and gave benefit of income declared by the assessee and made the addition of Rs. 4,72,454/- for the remaining amount i.e [ Rs. 7,65,234 [ 8% of Rs.95,65,429/-] 2,92,780/-). The ld. AO has also made addition(s) of Rs.18,377/- for bank interest and Rs.87,749/- for undisclosed income from other sources/interest income, which were not declared in the return of income filed by the assessee. Income assessed at Rs. 8,19,490/-. 6. Aggrieved, the assessee preferred an appeal before the ld. CIT(A) and challenged the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is only Rs.19,73,155/- and remaining amount Rs.75,92,274/- is suppressed turnover, not declared by the assessee in the return. We also find that the ld. AO has fairly applied net profit @ 8% on the total amount deposited in the bank accounts at Rs.95,65,429/- treating it as turnover and calculating net profit at Rs. 7,65,234/- and after giving benefit of income of Rs. 2,92,780/- declared by the assessee remaining amount of Rs.4,72,454/- has been added. In our view, this finding of the ld. AO stands rightly confirmed by the ld. CIT(A). We, thus, find no infirmity in finding of the ld. CIT(A). Therefore, ground no. 2 raised by the assessee is dismissed. 11. Ground no. 3 is regarding the addition/disallowance of Rs. 87,749/- on inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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