2022 (2) TMI 1137

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....hat the assessee's counsel Mohd. Nsir Advocate has provided power of attorney and filed various evidences before A.O. therefore, assessment made by A.O. is bad in law and Ld. CIT(A) also is in error in confirming the same. 2. That the addition of Rs. 7,03,898/- on account of difference in capital is arbitrary, unjust and not according to law because the assessee has shown income of Rs. 3,78,720/- and Ld. CIT(A) is in error in confirming the same. 3. That the A.O. is in error in making addition of Rs. 56,40,341/- on the basis of notice U/s 133(6)/confirmation and Ld. CIT(A) is in error in confirming the same 4. That Ld. A.O. is in error in assessing undisclosed profit for Rs. 3,45,777/- which was reduced by the....

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....CIT(A) partly allowed the appeal of the assessee by recording the following findings: 5.1 Regarding the grievance of the assessee about completion of assessment under section 144, the Ld. CIT(A) noted that the mention of section 144 in the initial part of the assessment order can be construed as an inadvertent typographical error for the reason that in the body of the assessment order, the Ld. AO has nowhere mentioned about framing of assessment under section 144 and that he neither invoked section 145 nor rejected the books of account of the assessee which were never produced before him. Hence, the Ld. CIT(A) concluded that the assessment was completed under section 143(3) of the Act in spirit and in substance wherein the Ld. AO has mad....

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....pressed turnover at Rs. 79,44,811/- and calculated net profit declared at the rate of 4.77%. Accordingly, the Ld. AO made addition on account of undisclosed profit amounting to Rs. 3,45,777/- (79,44,811 @ 4.77%). According to the Ld. CIT(A) suppressed turnover and net profit rate should have been worked out based on the audited balance sheet and profit and loss account of the assessee. He therefore recomputed the suppressed turnover being the difference between the turnover shown in Form 26AS and the turnover shown in the audited balance sheet of the assessee which comes to Rs. 44,27,836/-. The declared net profit rate was worked out at 3.51% based on the audited balance sheet. The Ld. CIT(A) thus confirmed the addition on account of undisc....