2021 (8) TMI 1292

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....r.DR ORDER PER MADHUMITA ROY, J.M. ORDER The instant appeal is directed against the order dated 29.12.2016 passed by the Ld. CIT(Appeals)-20, New Delhi arising out of the order dated 18.02.2016 passed by the Ld. ACIT, Circle -62(1), New Delhi u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for AY 2013- 14. 2. The assessee a proprietorship firm running the bus....

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....e explanation in this regard was provided by the assessee, the said amount of Rs. 49,71,570/- has been determined as the undisclosed income of the assessee and added to the total income of the assessee. 4. We have heard the rival submissions made by the respective parties and we have also perused the relevant materials available on record. 4.1 The facts culled out from the order passed by th....

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....ssee before us and before the first appellate authority as well. At the time of scrutiny the assessee was in bonafide belief that these receipts and TDS does not belong to him and thus, it had not claimed these TDS in its ITR. However, the copy of original 26AS available with the assessee reflecting the gross receipt of Rs. 11,93,79,537/- has already been submitted by the assessee to the Ld. Asses....

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....r the assessee agreed to the addition @ 5% of the net profit when the matter was heard by us. However, the Counsel for the Revenue supported the order passed by the authorities below. 5. It is a settled proposition of law that in case of difference between the assessees books of account and as per the TDS certificate, then on the said difference, the only embedded portion of the profits is to b....