2018 (2) TMI 1578

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....re, I condone the delay of 27 days in filing the appeal and admit the appeal for hearing. 3. Ground of 1 of the appeal raised by the assessee reads as under :- 1. Addition of Rs. 1, 00, 000/- u/s.69 of the Income Tax Act by the learned AO in the assessment proceeding u/s.147 read with 144 of the I.T.Act on the premise of failure of the assessee to reconcile the difference of cash balance in the bank account as per books of account and as per the bank statement, is illegal and arbitrary since the original assessment of the appellant u/s.143(3) of the Act has been completed estimating the profit of the appellant @8% of the gross contract receipts. 4. Brief facts of the case are that the Assessing Officer in the assessment order....

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....eted the assessment u/s.147/144 of the Act on 11.02.2015 assessing total income of the assessee at Rs. 4, 93, 640/- by making an addition of Rs. 1, 00, 000/- u/s.69 of the Act to the originally assessed income of Rs. 3, 93, 640/- u/s.143(3) of the Act vide order dated 23.12.2011. 5. The assessee filed appeal before the CIT(A) and the CIT(A) dismissed the appeal of the assessee on the ground that the assessee was not able to reconcile the closing balance as per books of accounts and bank pass book during the course of appeal hearing. 6. Ld. AR of the assessee submitted that the original assessment u/s.143(3) of the Act was made on 23.12.2011 by rejecting the books of accounts of the assessee and estimating the income by applying rate o....