2015 (1) TMI 313

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.... income on 19.3.2010 admitting the income of Rs. 1,88,300. The case was converted into scrutiny and assessment was completed on 30.12.2011 on a total income of Rs. 30,26,904 by making the following additions/disallowances: a) Addition of Rs. 22,43,420 b) Addition of Rs. 384,734 towards unaccounted cheque deposit in the bank. c) Addition of Rs. 3,98,750 towards unaccounted deposit in bank showing as a receipt from M/s. Vamshi Parboiled Rice Mill. Aggrieved, the assessee preferred an appeal before the CIT(A). 3. It was submitted that, on enquiry by the AO, the assessee had explained that the transaction had taken place but certain mistakes were committed by the accountants of the assessee who were unaware of the consequences by....

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....t the Assessing Officer was shown to have verified the books of account during the assessment proceedings, on the basis of which all the anomalies as regard to the accounting of cheques in wrong names etc., were pointed out. However, the CIT(A) further observed that during the course of the appellate proceedings, the assessee failed to furnish the books of account to ascertain the correct turnover achieved by the assessee in order to ascertain the correct profit earned by the assessee. The CIT(A) held that in the light of submissions of the assessee that profit may be calculated by estimating the commission on the total turnover, at the rate of 3%. The CIT(A) further held that from the information furnished by the assessee, the sales and pu....

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....e before us on the issue of percentage of commission received, submitted that in his written submissions before the CIT(A), he had wrongly stated that the assessee received commission of 2% on the transactions made by him whereas actually the assessee received only 0.2%. The learned counsel for the assessee also submitted the copies of statement showing the details with regard to business transactions and commission earned for the A.Y. 2009-10 at pages 31 to 62 of the Paper Book. It was further submitted that the CIT(A) while relying on the statement submitted, failed to take the commission received as noted in the statement amounting to Rs. 2,04,647. Further, it was contended that from the very statement itself it is clear that the commiss....