TaxTMI 
TaxTMI 
TaxTMI 
2019 (12) TMI 368
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.... 27.02.2015 under section 143(3) of the Income-tax Act, 1961 (hereinafter 'the Act'). 2. The first issue in this appeal of assessee is against the reopening of assessment and for this, assessee has raised the following ground No.1: - "1. On the facts and circumstances of the case as well as in law the Learned AO has erred in re-opening the assessment under section 148 of the I.T. Act. Appellant contends that the issuance of notice for reopening of the assessment itself was bad in law and consequently the reassessment order/ passed under section 147/143(3) is liable to be quashed." 3. The learned Counsel for the assessee has not made any argument on this ground and hence, the same is dismissed as not argued. 4. The second issue on merit....
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.... of the appellant for the year in clues even after understanding the details working of Total income determined by the settlement commission proceeding which was submitted and reproduced in the assessment order by the A.O. 4) a) On the facts and circumstances of the case as well as in Law the Learned CIT (A) erred in confirming the addition made by the AO on the ground that appellant is not interested in pursuing the appeal when appellant representative filed request Letter for short adjournment due to the pressure of submitting the Tax audit return. b) While sustaining the addition of Rs. 34,83,474/- the Learned CIT (A) failed to appreciate that the AO made the said addition by oversight and mistake and correct working for the year in ....
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....mitted on its own that the total purchases from the 10 suspected parties was actually to the tune of Rs.1,50,25,860/- as against Rs.1,09,12,929/- about which the AO had received the information. In-spite of submitting all the evidences regarding the genuineness of the purchases the AO estimated the income of the assessee at 8.17% of the total turnover. The assessee's gross contract receipt was taken at Rs.6,50,58,621/- and applied the gross profit rate at the rate of 8.17% on gross receipts and assessed the income at Rs.53,15,289/- as against the income declared by the assessee at Rs.18,31,815/- thereby differential amount of Rs. 34,84,474/- was added to total income of the assessee by observing in Para 5.4 as under: - "5.4 The submission....
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....erial purchased. d. Comparative statement showing total raw material required as per standard and actual raw material purchased. e. Working of total requirement of the major material as per standard issued by the MCGM in respect of the various work undertaken by the appellant firm. f. Summary of total activity carried out by the appellant firm on the basis of payment certificate." The assessee also filed the following evidences: - "a. Purchase bills b. Transportation bills c. Confirmed copy of accounts d. Payment through account payee cheques. e. VAT registration of the sellers and their Income Tax Return." 7. We noted that the assessee has disclosed profit rate at the rate of 9.61% on the turnover of Rs.6,50,58,621/- and ....