TaxTMI 
TaxTMI 
2021 (3) TMI 344
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..... The order of the learned CIT(A) in so far as it is against the Appellant is opposed to law, equity and weight of evidence, natural justice, facts and circumstances of the case. 2. The Appellant denies himself to be liable to a assessed to an income of Rs. 53,75,793/-under the facts and circumstances of the case. Legal Grounds: 3. The learned CIT(A) failed to appreciate that the mandatory conditions to assume jurisdiction under section 148 does not exist and consequently the assessment made is bad in law on the facts and circumstances of the case. 4. The learned CIT(A) failed to appreciate that the reasons recorded by the learned assessing officer amounts to reason to suspect and do not amount to reason ....
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.... as unexplained cash credits under the facts and circumstances of the case. 10. The appellant denies the liability to pay interest under section 234A and 234B of the Act in view of the fact that there is no liability to additional tax as determined by the assessing officer. Without prejudice, the rate, period and on what quantum the interest has been levied are not in accordance with the law and are not discernable from the order and hence deserves to be cancelled on the facts and circumstances of the case. 11. The Appellant craves leave to add, alter, delete, substitute or modify any of the grounds urged above. 12. In the view of the above and other grounds that may be urged at the time of the hearing of the appe....
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....n on sales by AO @ 10% 20,54,500 8,57,040 10,14,326 Income computed by the appellant 8,11,380 5,40,083 7,62,168 % of Turnover as per computation 4.08 7.91 7.51 Additions in appeal 12,43,120 3,16,957 2,52,158 In these assessment years, the income of the assessee estimated at 10% of gross turnover. The contention of the Ld. A.R. is that it is too high and it should be restricted to the income offered by the assessee and the percentage of income offered by the assessee is more the trade norms in this kind of assessee. 5. Ld. D.R. submitted that the assessee's argument is not based on any documents or evidence to support the same. Accordingly, it was submitted that assessee's books of accounts ....
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....ention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of the assessee is more than Rs. 1 crore strictly speaking provision of section 44AF of the Act cannot be applied. Since the assessee is not maintaining the books of accounts, the A.O. estimated the income of the assessee by taking the clue from the section 44AF of the Act. As such in our opinion the assessee cannot plead that once the income estimated no other addition could be made either u/s 68/69C of the Act or by any other provisions of the Act. There is no rule that when an amount is credited ....
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....at assessee has used the credit card withdrawals for business purpose and thereafter it has withdrawn the money from the business to clear credit card dues. Accordingly, we remit this issue for the purpose of establishing the nexus between credit card withdrawals and by using it for business purposes and repay the card dues out of business receipts. 9. Further, Ld. Counsel for the assessee relied on the judgement of Hon'ble Karnataka High Court in the case of Delux Roadlines Pvt. Ltd. in ITA No.213/Bang/2014 dated 14.10.2014 for the proposition that without any reasons, the assessing authority cannot estimate the profit of the assessee without taking into account the earlier year return of income. This proposition cannot be applied to th....