2018 (11) TMI 211

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....ring income of Rs. 2,60,000/-. The case was reopened u/s 147 of the Act on the basis of information of Form 26AS traces relating to assessment year under appeal that assessee had made a total receipts of Rs. 2,95,58,365/-. During the year under consideration, against the total receipts above, TDS of Rs. 5,43,419/- is also appearing in Form 26AS traces. The assessee has however, had shown net taxable income of Rs. 2,60,000/- only and had also claimed TDS of Rs. 2,02,800/-. It was, therefore, clear that assessee has undisclosed amount of TDS to Rs. 3,40,619/- and receipts/earning taken from this amount which has not been disclosed in the return of income of assessee. The AO after issue statutory notices also issued notice to the assessee and ....

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....et his accounts audited as per Section 44AB of the Act. Therefore, penalty u/s 271B was imposed. The Ld. CIT(A) on the same reasoning dismissed the appeal of the assessee and also noted that the receipts of the assessee under consideration was of Rs. 2.95 crores that means the assessee was not only doing business through his six trucks but also he was doing his business through hired vehicles and that is why his turnover through the hired vehicles has reached to 2.95 crores. The appeal of assessee was accordingly dismissed. 4. After considering the rival submission, I do not find any merit in the appeal of the assessee. 5. Ld. Counsel for the assessee reiterated the submissions made before the authorities below and submitted that asse....

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....he total receipts of the assessee as per Form 26AS traces were shown at Rs. 2.95 crores which is not explained by the assessee. The assessee admitted the gross receipts in a sum of Rs. 2.95 crores even at the assessment stage. The copy of the reply of the assessee dated 16.12.2016 is filed at page 4 of the paper book in which the assessee offered for calculation of net taxable income by applying net profit rate of 4.5% of the gross receipts which was also taxed by the AO. The assessee in the same reply also explained that he had in his various replies clearly stated the modus operandi used by him in the booking of trucks and, as such, most of the receipts for this information did not belong to the assessee. Copy of the computation of income....