2021 (7) TMI 503

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.... the assessee made cash deposit of Rs. 1,44,96,025/- in the savings bank account maintained by ICICI Bank, the AO issued notice u/s. 147. In response, the assessee filed a return of income on 07.12.2017 declaring total income of Rs. 1,53,530/- from other sources. While making the assessment, the Assessing Officer treated 8% of the total turnover of Rs. 1,44,96,025/- as the assessee's income at Rs. 11,59,682/- and after deducting the income already admitted at Rs. 1,53,530/-, added the difference of Rs. 10,06,152/- to the returned income and completed the assessment. Aggrieved, the assessee filed an appeal before the CIT(A). The Ld. CIT(A) dismissed the appeal. Aggrieved against that order the assessee filed this appeal. 3. The case w....

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....d to have been incurred at Rs. 6,69,041/- etc, the AO without considering the material placed before him, simply rejected the assessee's explanation however, against his considered view that Rs. 8,41,341/- was assessee's income, once again treated the entire cash deposits in the assessee's bank account as turnover and assessed 8% of it as an income. Aggrieved, the assessee filed an appeal before the Ld. CIT(A) pleading that the AO did not consider the material available before the Assessing Officer properly and made the impugned assessment. Since, the assessee earned commission from the gross receipts, invoking section 44AD is not correct. The assessee had to spend on travelling, sub-commission, salary, stationery etc, the expen....

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....had to spend on travelling, sub-commission, salary, stationery etc., for which the assessee was not having the contemporaneous material, without considering the facts and circumstances or comparable cases from the same lines of business, the AO once again took a stand that the income will be assessed at 8% on the turnover and assessed accordingly. These aspects were not considered by the Ld. CIT(A) and hence pleaded that since the lower authorities have not duly considered the material etc before the Ld. AO, the Ld. AR prayed that suitable directions be given to the AO. Per contra, the Ld. DR supported the orders of the lower authorities. 5. We heard the rival submissions and gone through the relevant material. It is clear from the asses....