2022 (4) TMI 963

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Respondent : Shri P. Sajit Kumar, JCIT ORDER PER MAHAVIR SINGH, VP: This appeal by the assessee is arising out of the order of the learned Commissioner of Income Tax (Appeals)-7, Chennai in ITA No.113/CIT(A)-7/2018-19 dated 28.06.2019. The assessment was framed by the ITO, Ward-1, Tiruvallur for the assessment year 2013- 14 u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 (hereinafter 't....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....carried on business and total credit comes to Rs. 1,58,01,195/- after deducting sweep transfer out of total credit in bank account at Rs. 3,28,51,635/-. The AO computed the profit and gains of business on presumptive basis after applying the provision of section 44AD of the Act and assessed the net profit equal to 8% of the total credits of Rs. 1,58,01,195/- and thereby added the estimated income ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i) a person earning income in the nature of commission or brokerage; or (iii) a person carrying on any agency business. However, ld.counsel stated that the net profit or agency commission earned by commission agents dealing in agricultural produce is at 2%. When these facts were confronted to ld. Senior DR, he could not controvert the above stated facts and position of law. 4. We no....