2019 (4) TMI 1910

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....ppeal filed by the assessee against the order of ld.CIT(A), Ajmer dated 25/10/2018 for the A.Y. 2015-16 in the matter of order passed U/s 143(3) of the Income Tax Act, 1961 (in short the Act). 2. In this appeal, the assessee is aggrieved for trading addition so upheld by the ld. CIT(A) by applying higher N.P. rate on the enhanced turnover of assessee. The assessee is also aggrieved for upholdin....

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....td. in the books of accounts. Hence he treated the entire credit of Rs. 1,34,47,619/- appearing in these three bank accounts as undisclosed turnover of the appellant and worked out the total turnover of the appellant at Rs. 2,81,92,317/- (Rs. 1,47,44,698 + Rs. 1,34,47,619) and net profit @8.33% was computed on the total turnover of Rs. 2,81,92,317/- at Rs. 23,48,420/-. 4. By the impugned order,....

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....t is reasonable to presume that looking to the nature of the assessee's business, two months sales remained outstanding in the form of debtors. Accordingly we direct the Assessing Officer to give further credit of Rs. 10.00 lacs while upholding the addition on account of enhanced sale. I mean that out of enhanced sales as upheld by the ld. CIT(A), a further credit of Rs. 10.00 lacs is required to ....

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....uggested by me hereinabove. 5. The Assessing Officer has also made addition U/s 69 of the Act with respect to stock in trade amount to Rs. 19,09,611/- and cash balance of Rs. 62,730/- on the plea that the assessee has not filed any details of such stock and cash in hand in its return of earlier year. By the impugned order, the ld. CIT(A) had given credit of Rs. 13,57,810/- by observing that the....