TaxTMI 
TaxTMI 
2022 (5) TMI 268
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....y delayed by two days. Delay was not deliberate." To this effect, the ld. AR of the assesee relied on the decision of Hon'ble Supreme Court in the case of Collector, Land Acquisition Vs Mst. Katiji,[1987) 167 ITR 471 (SC) and prayed that the delay so made in filing the appeal may please be condoned 3.2 On the other hand, the ld. DR objected to such delay but left the matter on the Bench to consider it as deem fit and proper in the case. 3.3 We have heard both the parties and perused the materials available on record. We find that the assessee is prevented by sufficient cause in not filing the appeal in time. The Hon'ble Supreme Court in the case of Collector, Land Acquisition vs. Mst. Katiji, 167 ITR 471 observed as under:- "The Legislature has conferred power to condone delay by enacting section 5 of the Limitation Act, 1963, in order to enable the courts to do substantial justice to parties by disposing of matters on merits. The expression " sufficient cause " in section 5 is adequately elastic to enable the courts to apply the law in a meaningful manner which subserves the ends of justice--that being the life-purpose of the existence of the institution of courts. A just....
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....e. Vide his reply dated 9-12-2013, the assessee submitted that the cash deposited in saving bank account is out of his receipts from Hotel Agarwal which was being run by the assessee during the year under consideration. On perusal of entry dated 10-07-2010, it was found that Rs.12,00,000/- has been deposited in S.B. A/c. While the assessee was asked to explain the source of the credit entry, the assesee submitted that it was out of opening cash surplus as on 01-04-2010 and onwards. The explanation given by the assessee is against the fact because in his ROI for the A.Y. 2010-11, assessee had declared closing cash balance of Rs.18,300/ as on 31-03- 2010 while during the assessment proceedings the assessee has shown opening cash balance of Rs.12,27,527/- as on 01-04-2010 that seems afterthought. The cash book as well as other books of accounts produced by the assessee during the course of assessment proceedings has no relevancy because the assessee has filed his ITR declaring therein that regular books of accounts of business are not maintained. As the source of cash of Rs.12,00,000/- found credited in bank account have not been explained by the assessee hence the same is added to th....
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.... It is also pertinent to submit here that as per balance sheet filed by the assessee he has shown only the name of Haji Anwar Ali as a creditor for Rs.10,00,000/- in current liabilities. But no where the name Mohd. Yasin S/o Shri SulemanNyapari as a creditor of Rs. 9,00,000/- appears. Copy of balance sheet enclosed as Annexure-'E'. Thus the transaction shown in Iqrarnama appears to be false. The additional evidence produced by the assessee is a post thought and a concocted story with no supporting evidence of materializing the transaction or refund of money taken as advance either in the current year or in the ensuing assessment year as per assessment record of the assessee. As such in view of the facts and circumstances of the case the additional evidences adduced by the assessee does not deserves to be accepted, as the Iqurarnama is only self serving document, neither the identity of so called buyer is known nor the proof of owner ship of the property in question has been adduced. It is crystal clear from the above facts of the case that the assessee is trying to camouflage his income from undisclosed sources in the guise of advance payments shown by XYZ whose identity ....
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..../- is receivable from him within 1 year from the date of this agreement. Copy of agreement is enclosed herewith I have not sold finally and/or not made any registered sale deed for aforesaid sale proposal and have not given physical possession of the premises which is explained in the agreement dated 14/06/2010." The assessee has also enclosed the copy of Iqrarnama dated 14/06/2010. On perusal of the Iqrarnama reveals that stamp paper of Rs. 10/- was bought on 27/04/2009 as per stamp of stamp-vendor on the overleaf and the Iqrarnama has been executed on 14/06/2010. Thus the validity of stamp paper expired long back, as it has been executed and verified by notary after 1 year which is not registered in the register of Notary Public. Whereas the validity of a stamp paper expires within 1 year, if the same was executed before the assessment proceedings i.e. 26/12/2013 why the assessee could not produce it. It is an afterthought, it is gathered from the ITR for A.Y. 2012-13 that the property in question shown in Iqrarnama has not been sold at all as per conditions." 5.5 On the other hand, the ld. DR has relied on the order of the lower authorities and stated that there are no co....
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...."6.3 I have carefully considered the material before me. I find that 10% of raw material expenses are not verifiable. The A/R of the appellant failed to file any evidences which prove that the raw material expenses are not fully vouched. Therefore considering the facts of the case I find that AO rightly treated 10% of raw material expenses as unverifiable and accordingly I confirm the addition of Rs. 66,932/-. This ground is not allowed." 6.3 During the course of hearing, the ld. AR of the assessee prayed that the lower authorities have erred in confirming the addition of Rs.66,932/- whereas the books of the assessees are properly maintained. The ld. AR of the assessee submitted that the assessee had declared a turnover of Rs.21,26,644/- on which the N.P. Rate of 11.80% has been declared in comparison to N.P. Rate of 13.14% in the immediately preceding year. This slight decrease in the profit rate was due to growing competition in the field. The ld. AR of the assesssee further submitted that in a business each and every pie of spending cannot be vouched as there are various expenses which a businessman has to incur without any voucher. It is a practical difficulty in the business.....