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TMI Blog2023 (9) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee has raised the following ground of appeal:- "1. On the facts and in the circumstances of the case as well as law on the subject, the learned CIT(A), NFAC has erred in confirming the action of Assessing Officer of reopening assessment by issuing notice u/s 148 of the I.T. Act, 1961. 2. On the facts and in the circumstances of the case as well as law, on the subject, the learned CIT(A), NFAC has erred in confirming the action of Assessing Officer of passing ex-parte order u/s 144 of the I.T. Act, 1961. 3. On the facts and circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of Assessing Officer by making addition of Rs. 14,29,763/- as unexplained income u/s 68 of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer recorded that neither assessee filed any submission nor filed return of income on 24.12.2018. The Assessing Officer completed assessment under section 144 and made addition of Rs. 14,29,763/- on account of credit in the bank account of assessee. The Assessing Officer further added @ 8% of contract receipt of Rs. 1,00,800/- being Rs. 8,064/- while passing the assessment order under section 144 r.w.s 147 of the Act on 24.12.2018. 3. Aggrieved by both the additions in the assessment order, assessee filed appeal before Ld. CIT(A). Before NFAC/Ld. CIT(A) assessee submitted that he is an individual and earning income from contract and carting and interest on savings account. The assessee resides at Bardoli and no notice during asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see and assessee has explained the nature of source of such credit. Thus, remaining addition of Rs. 13,27,000/- was upheld. Further aggrieved the assessee has filed present appeal before the Tribunal. 6. I have heard the submission of Ld. Authorized Representative (Ld. AR) for the assessee and Ld. Senior Departmental Representative (Ld. Sr- DR) for the Revenue. The Ld. AR for the assessee submits that he has a very limited prayer before the Bench that assessee has explained before Ld. CIT(A) that he could not contest the assessment proceedings as notice was served at the address mentioned in PAN of assessee. However, Ld. AR for the assessee submits that credit in the bank account are from the contract receipt, carting income and interest e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has not furnished any details before Assessing Officer and now come to before Bench with the plea that only a reasonable estimation may be made. The Ld. Sr-DR for the Revenue submits that assessee is not eligible for getting any relief as assessee has not filed any corroborative evidence to substantiate his nature of business. In alternative, Ld. Sr- DR for the Revenue submits that without prejudice the matter may be restored back to the file of Assessing Officer to examine afresh the issues with a direction that assessee to substantiate his plea before Assessing Officer. 8. In short rejoinder submission, Ld. AR for the assessee submits that Assessing Officer was having complete details of bank statement as well as Form 26AS and as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income. I find that the Assessing Officer has made addition @ 8% on contract receipts of Rs. 1,00,800/-. The Hon'ble jurisdictional High Court in the case of Pradeep Shantilal Patel (supra) while considering the issue of cash credit / deposits in savings bank account when the nature of business was not forthcoming from the record, held that when the assessee admitted the cash deposits pertaining to his retail business and nature of business was not forthcoming on record, the net income has to be determined on the basis of turnover of assessee. Thus, keeping in view the binding precedent of Hon'ble jurisdictional High Court and further keeping in view that the total deposits in bank account of assessee, therefore I deem it fit and p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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