9911796707
TMI Blog2023 (9) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... iness model of the assessee,we direct the AO to estimate the profit @6% on gross turnover. Assessee ground are partly allowed. Levy of interest u/s 234B - As submitted by the Ld.DR, charging of interest is consequential and interest is mandatory and not discretionary as held by the Hon ble Supreme Court in the case of Anjuman H Ghaswala [ 2001 (10) TMI 4 - SUPREME COURT] and also the decision of CIT Vs. Hindustan Bulk Carriers [ 2002 (12) TMI 10 - SUPREME COURT] Therefore, direct the AO to restrict the charging of interest on the profit estimated @6% on gross turnover. Hence, the ground raised by the assessee is partly allowed. - Shri Duvvuru Rl Reddy, Hon ble Judicial Member For the Appellant : Shri P.Prabhakara Murthy, AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the appeal of the assessee, as the assessee failed to respond to the notices issued by the department and produce substantive evidence in support of source for cash deposits. 4. On being aggrieved, the assessee preferred an appeal before the Tribunal by raising the following grounds : 1. In the facts and circumstances of appellant s case, the impugned order u/s 250 of the I.T.Act by Learned Commissioner of Income Tax (Appeals), National Faceless Centre is not correct both on facts and law applicable to the facts of appellant s case. 2. In the facts and circumstances of appellant s case, the Learned Commissioner of Income-Tax (Appeals), National Faceless Centre is erred in upholding the action of the learned Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... course of hearing of the appeal, the appellant humbly prays the Hon ble Income Tax Tribunal to allow the appeal or to give appropriate relief as the Hon ble Tribunal may deem it fit, in the facts and circumstances of appellants case. 5. Ground No.1 and 6 are general in nature, which do not require specific adjudication. 6. Ground No.2 to 4 relate to estimation of income @8% of gross receipts. At the outset, the Ld.AR submitted that the assessee was doing business in wholesale medical agency, closed his business in the month of March 2018 due to personal and financial reasons and vacated the business premises. The assessee was served with an order u/s 144 of the Act dated 05.12.2019 on 06.12.2019, through which the assessee came to k ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the profit @2% on gross turnover in order to meet the ends of justice. On careful examination of the facts and circumstances of the case and business model of the assessee, I am inclined to direct the AO to estimate the profit @6% on gross turnover. Hence, the ground Nos.2 to 5 raised by the assessee are partly allowed. 9. Ground No. 5 is related to levy of interest u/s 234B of Rs. 62,568/-. The Ld.AR submitted that the levy of interest is not correct in the facts and circumstances of the assessee s case. He, therefore, pleaded to quash the orders passed by the lower authorities and delete the interest charged. 10. Per contra, the Ld.DR submitted that charging of interest is consequential and interest is mandatory and not discretion ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
