2022 (6) TMI 1005

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....rough Speed Post fixing the date of hearing on 06.09.2021 and the notice returned un-served with the endorsement that "in spite of search the assessee's address could not be found and hence returned". It is also observed from records that the notice was issued once again fixing the case for hearing on 07.03.2022 and the notice was sent through speed post, however, this notice was also returned un-served with the similar endorsement by the postal authorities. Since the notices have returned un-served, I proceed to dispose off this appeal by hearing the Ld. Departmental Representative on merits. 2. The Ld. DR submits that a survey was conducted in the premises of the assessee on 12.09.2017 by Investigation Unit-III, Gurugram and during the....

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....DR submits that assessee filed a reply on 30.03.2012 stating that, in the statement recorded u/s 131 of the Act that the transactions recorded in LPIV impounded in the course of survey are not similar to the business carried out by the assessee - RS Poultry because RS Poultry is engaged in the business of trading of chickens and in the books the value of goods received was credited and the payments made to Sky Lark Hatcheries (P) Ltd. from whom the goods were received was debited. The Ld. DR submitted that the assessee contended that the transactions with Sky Lark Hatcheries (P) Ltd. are not in the normal course of business but due to personal relationship with Sky Lark Hatcheries (P) Ltd. which used to send the goods to the assessee for co....

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.... the authorities below. 5. On perusal of the assessment order, I find that assessee has himself stated that the margin in consignment sales is fixed between the consignor and the consignee which was only 0.02% as has been stated by Mohd. Rizwan in his statement recorded u/s 131 of the Act which was incurred to meet out the expenses of consignment and, therefore, there is no income as such from the transactions. I find that in the reply submitted before the AO the assessee also stated that if 0.02% is not acceptable then profit should be estimated at 0.14% i.e. (50% of the profit disclosed by the SA Poultry on total sales of 12.69 crores) made for the AY 2018-19. I find that the AO rejected the books of account of the assessee since the d....