Tribunal partially allows appeal, directs adjustments on undisclosed deposits & income. Interest under sections 234A, 234B, 234C challenged.

The Tribunal partially allowed the appeal, directing adjustments in the additions made by the AO concerning undisclosed bank account deposits, contract receipts, and commission income. The interest levied under sections 234A, 234B, and 234C was also challenged by the assessee and deemed consequential.

---

---

Issues involved:
The judgment involves three main Issues:
1. Addition of undisclosed bank account deposits as undisclosed business receipt.
2. Addition of undisclosed contract receipt.
3. Addition of commission income not disclosed in the return.

Issue 1: Addition of undisclosed bank account deposits:
The assessee appealed against the addition of Rs.24,94,221 as undisclosed income, confirmed by the CIT(A). The deposits in the undisclosed bank accounts were explained as sale proceeds of fish. The AO estimated profit at 8%, resulting in the addition. The Tribunal found the AO's estimation lacking basis and directed to consider income at 4%, reducing the total addition to Rs.12,47,110.

Issue 2: Addition of undisclosed contract receipt:
The assessee contested the addition of Rs.60,000, which the CIT(A) upheld. Discrepancy in contract receipts was noted, and the AO calculated the addition based on a higher GP rate. The assessee argued that the differential amount not deposited in the bank should not be considered as gross receipt. The Tribunal allowed this ground, deleting the addition of Rs.60,000.

Issue 3: Addition of undisclosed commission income:
The AO added Rs.3,529 as commission income not disclosed in the return. The assessee refuted this, stating no such facts were reflected in the TDS statement. The Tribunal found no basis for the addition and deleted the amount.

In conclusion, the Tribunal partly allowed the appeal, directing adjustments in the additions made by the AO regarding undisclosed bank account deposits, contract receipts, and commission income. The interest levied under sections 234A, 234B, and 234C was also challenged by the assessee, being of a consequential nature.

---