2020 (3) TMI 209

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....RDER PER SHAMIM YAHYA (AM) : By this Miscellaneous Application assessee seeks rectification of mistake apparent from record in the order of this Tribunal in ITA No. 3727/Mum/2017 for A.Y. 2010-11 vide order dated 9.4.2019 2. In the ITAT order the issue related to deposits of Rs. 1,28,86,704/-being deposits not co-related with business receipts. Learned CIT(A) has upheld the decision of th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....earned Counsel of the assessee that 8% profit of the undisclosed receipt may be accessed is not at all an acceptable proposition. Unless it is cogently made out that the undisclosed receipt in the bank account were part of proper business of the assessee the same cannot be treated as business income and expenditure in this regard cannot be allowed. In our considered opinion it is settled ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ned that the same constituted business receipt being suppressed sale. Hence, the assessee has contended that since there is no dispute in nature of deposits, suggestion of learned Counsel of the assessee that 8% of suppressed transport receipt should be adopted as income, should have been upheld. 4. Per contra, learned Departmental Representative submitted that the ITAT vide a very speaking ord....