2018 (12) TMI 38

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....enue : Smt. V. Rajitha & Shri K. Ravi Kumar, DR ORDER PER SMT. P. MADHAVI DEVI, J.M. This is assessee's appeal for the A.Y 2009-10 against the order of the CIT (A)-2, Hyderabad, dated 31.03.2016. The assessee has raised the following grounds of appeal: "1. The order of the learned CIT (A) is erroneous to the extent it is prejudicial to the appellant. 2. The learned CIT (....

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....ne shop, filed his return of income for the A.Y 2009-10 declaring income of Rs. 3,05,150/-. During the assessment proceedings u/s 143(3) of the Act, the AO observed that the relevant A.Y is the first year of the business of the assessee and from the balance sheet, it was observed that the assessee has introduced a capital of Rs. 21,05,152/-. A survey u/s 133A was conducted in the business premises....

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.... the capital as on 31.03.2009 including the current years profit amounted to Rs. 21,05,152/-. 3. The AO also asked the assessee to explain the basis for recording the sale in the books of account and asked him to produce the relevant details. The assessee submitted that in this type of business, it is not possible to maintain the bills and therefore, the AO estimated the net profit of the sale ....

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....of the goods put to sale and therefore, he has no grievance against the assessment order to this extent is confirmed. As regards the addition of Rs. 18.00 lakhs towards unexplained investment is concerned, the learned Counsel for the assessee placed reliance on the judgment of the Hon'ble Supreme Court of India in the case of CIT vs. Bharat Engg. & Construction Co. reported in (1972) 83 ITR 01....