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TMI Blog2025 (3) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... of A.O and dismissing the appeal of the Assessee against the law of Natural justice. 2. The learned assessing officer erred in making addition of Rs. 30,48,500/-and Rs. 8,86,366 treating the ROI as invalid and CIT(A) erred in sustaining the same. 3. That the A.O erred in treating the ROI filed by the Assessee as Invalid. Since the ROI filed is Valid and since Response to Queries raised during the Assessment Proceedings were duly submitted along with evidence, which have not been considered by the A.O, entire addition and Assessment u/s. 144 is invalid and unjustified. 4. The A.O erred in taking Rs. 5.00 Lakhs on adhoc basis as explained instead of entire Rs. 35,48,500/-without any justification. 5. That the Ld. CIT(A) erred in dism ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake a new ground or grounds at the time of hearing." 2. At the very outset, the Ld. Counsel for the assessee firm submitted that the present appeal involved a delay of 116 days. In that regard, the Ld. Counsel had filed condonation petition as well as affidavit on record. I have carefully perused the contents of the affidavit and condonation petition. I am of the considered view that the reasons for delay are definitely and absolutely cannot be attributed to any malafide intention of the assessee, if any. Rather, it is submitted by the Ld. Counsel that the assessee who is partner of the Swiss Lifestyle is suffering from cancer and for medical requirement, he has to visit Mumbai, for which he is unable to look into the income tax matters. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal amount of Rs. 47,18,500/-in its bank account out of which the assessee has deposited Rs. 35,48,500/- specified bank notes and Rs. 11,70,000/- as the assessee was having cash balance of specified bank notes. The assessee has submitted all the details with respect of deposition of specified bank notes during demonetization period in course of assessment proceedings. However, the Assessing Officer held the amount of cash Rs. 5,00,000/- in SBNs as explained and made addition of balance amount of total cash deposits made in SBNs i.e. Rs. 30,48,530/- [Rs.35,48,500/- (-) Rs. 5,00,000/-] as unexplained money u/s. 68 of the Act and invoked section 115BBE of the Act. Finally, the A.O made a separate addition of Rs. 8,86,366/- @ 1.87% by adopting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : "5.5.3. I have carefully perused the submissions filed by the appellant as well as the findings given by the AO in Assessment Order. The Assessing Officer has correctly reduced the total turnover of Rs. 5,04,47,766/- shown by the appellant with Rs. 30,48,500/- (the amount added u/s. 68 of the Act as unexplained cash deposit) and correctly applied net profit @ 1.87% (the rate of net profit declared by the appellant itself ) to this reduced turnover of Rs. 4,73,99,266/- which comes to income from business amounting to Rs. 8,66,366/-. I find no infirmity in the decision of the AO in applying net profit @ 1.87 % to the turnover of Rs. 4,73,99,266/- computed by the AO by reducing the unexplained cash deposit of Rs. 30,48,500/- from the turno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact is that when the genuineness of the assessee's business is not disputed or any undisclosed sources has not been unearthed by the department and nothing is there on record which shows that the assessee had earned income from other sources other than from its business. Considering these facts, I direct the Assessing Officer to delete the addition of Rs. 30,48,500/- from the hands of the assessee. 8. As regards the addition of Rs. 8,66,366/-, on a perusal of the assessment order, it is noticed that the Assessing Officer had rejected the return of income filed by the assessee as the same was filed belatedly. However, as per the return of income, the assessee had filed return of income in compliance to notice u/s. 142(1) of the Act on 24.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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