Tribunal upholds tax assessment despite delay, confirms undisclosed turnover, and disallowed interest income.

The Tribunal condoned the delay in filing the appeal due to the appellant's illness. It upheld the assessment under section 144 of the Income Tax Act, noting the assessing officer's compliance with notice requirements. The addition of Rs. 4,72,454 as undisclosed turnover was confirmed based on bank deposit analysis. The disallowance of Rs. 87,749 for undisclosed interest income was upheld as it was found in the appellant's 26AS statement but not declared in the return. The Tribunal dismissed the appeal, affirming the lower authorities' decisions.

---

---

Issues:
1. Condonation of delay in filing the appeal.
2. Justification of framing assessment under section 144 of the Income Tax Act.
3. Addition of Rs. 4,72,454 as undisclosed turnover.
4. Disallowance of Rs. 87,749 for interest income not disclosed.

Condonation of Delay:
The appellant's appeal was found to be time-barred by 354 days, but the delay was condoned due to the reasonable cause of the appellant's illness preventing timely filing. The Tribunal admitted the appeal for adjudication after considering the cause of delay and the interest of justice.

Assessment under Section 144:
The appellant challenged the assessment under section 144, claiming it was unjustified. However, the Tribunal noted that the assessing officer had provided sufficient opportunities to the appellant by issuing notices under sections 142(1) and 143(2) of the Act, which were duly served. As the appellant did not contest this fact, the Tribunal upheld the justification of the assessment under section 144.

Undisclosed Turnover Addition:
The appellant contested the addition of Rs. 4,72,454 as undisclosed turnover, challenging the calculation method used by the assessing officer. The Tribunal reviewed the assessment order and observed discrepancies in the turnover declared by the appellant compared to the actual bank deposits. The assessing officer applied a net profit rate of 8% on the total bank deposits to determine the undisclosed turnover. The Tribunal found the assessing officer's approach reasonable and confirmed the addition, dismissing the appellant's challenge.

Disallowed Interest Income:
The appellant disputed the disallowance of Rs. 87,749 for interest income not disclosed in the return. The Tribunal noted that the interest amount was reflected in the appellant's 26AS statement but was not offered for taxation in the return. Consequently, the Tribunal upheld the assessing officer's decision to add the undisclosed interest income, rejecting the appellant's argument.

In conclusion, the Tribunal dismissed the appellant's appeal after thorough consideration of the issues raised regarding the assessment under section 144, addition of undisclosed turnover, and disallowed interest income. The Tribunal found no merit in the appellant's challenges and upheld the decisions of the lower authorities.

---