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TMI Blog2022 (7) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... e of hearing before us, we direct the AO, in the specific facts and circumstances of the present case before us, to restrict the addition to Rs.11,03,177 and to delete the remaining amount of Rs.19,40,168/- out of the total addition of Rs.30,43,345/-. - ITA No. 1670/Del/2019 - - - Dated:- 14-7-2022 - SHRI CHANDRA MOHAN GARG , JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA , ACCOUNTANT MEMBER Appellant by : Mr. C. S. Anand , Advocate Respondent by : Mr. Rajesh Kumar , Commissioner of Income Tax ( Departmental Representative ) ORDER PER ANADEE NATH MISSHRA, AM: (A) This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-24, New Delhi [ Ld. CIT(A) , for short], dated 26.12. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case, Assessment Order dated 31/03/2016 was passed by the Assessing Officer ( AO for short) u/s 143(3) of the Income Tax Act, 1961 ( IT Act , for short) determining total income at Rs.55,45,215/- (Rounded off Rs.55,45,220/-) as against the returned income of Rs.25,01,870/-. In the aforesaid assessment order an addition of Rs.30,43,345/- was made by the Assessing Officer on account of gross profit on unaccounted cash sales. The unaccounted cash sales were estimated by the AO at Rs.18,00,79,537/- which was 10% of declared sales of Rs.1,89,07,95,738/-. Further, gross profit on the aforesaid unaccounted cash sales of Rs.18,00,79,573/- was estimated by the AO at aforesaid Rs.30,43,345/- which was 1.69% (gross profit ratio of the assessee on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntended that the sales made till 30.09.2013 only could have been taken into consideration for the purpose of estimating unaccounted cash sales and gross profit thereon. He further contended that there was no incriminating material for period after 30.09.2013; and that there was no justification for estimation of unaccounted cash sales and gross profit thereon, for the period after date of survey i.e., from 01.10.2013 to 31.03.2014; while pointing out that the total recorded and declared sales for the period from 01.04.2013 to 30.09.2013 was Rs.652767330/-; whereas the recorded sales for the period 01.10.2013 to 31.03.2014 was Rs.1148028407/-. He also submitted that such plea was also taken before Ld. CIT(A) and bifurcation of total sales am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (being 10% of recorded and disclosed sales of Rs.65,27,67, 330/- during this period). He also did not express any objection to gross profit being estimated at Rs.11,03,177/- at the rate of 1.69% (being the declared gross profit rate) applied to estimated unaccounted sales of Rs.6,52,76,733/- for the period from 01.04.2013 to 30.09.2013. (C.2) The Ld. CIT-DR for Revenue was in agreement with aforesaid submissions of the Ld. Counsel for the assessee in respect of ground -3 of the present appeal before us. He specifically agreed that estimation of unaccounted cash sales from 01.10.2013 onwards may be disregarded; and estimated gross profit thereon may be deleted. However, he strongly defended the addition of aforesaid amount of Rs.11,03,17 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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