2022 (7) TMI 684

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....erred to as 'the Act' ) passed by the Assessing Officer( hereinafter referred to as 'the AO'), ITO, Ward 38(1), Midnapore. 2. At the time of hearing the registry has informed that the present appeal filed by the assessee is time barred by 354 days. The assessee prayed for condonation of the delay. The reasons are placed on record. We, after perusing the same as well as material available on record find merit in the reasonable cause stated by the assessee and the cause of the delay is the illness of the assessee, which prevented him to file the appeal within the statutory time limit and also in the larger interest of justice, condone the delay and admit the appeal for adjudication. 3. When the case was called for none appeared on behal....

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....1) of the Act also served, but the assessee did not appear on any of the date/day. Therefore, the ld. AO proceeded to frame the best judgement assessment u/s. 144 of the Act. The ld. AO observed that the assessee declared turnover at Rs. 19,73,155/- whereas in the bank accounts operated by the assessee sum of Rs. 95,65,429/- was deposited. The ld. AO applied net profit @ 8% on the total amount of bank deposits treating it as turnover of assessee and gave benefit of income declared by the assessee and made the addition of Rs. 4,72,454/- for the remaining amount i.e [ Rs. 7,65,234 [ 8% of Rs.95,65,429/-] - 2,92,780/-). The ld. AO has also made addition(s) of Rs.18,377/- for bank interest and Rs.87,749/- for undisclosed income from other sourc....

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.... the information received by the ld. AO, it was revealed that the assessee was operating 12 bank accounts and total amount deposited during the year under consideration is Rs. 95,65,429/-. The turnover shown by the assessee is only Rs.19,73,155/- and remaining amount Rs.75,92,274/- is suppressed turnover, not declared by the assessee in the return. We also find that the ld. AO has fairly applied net profit @ 8% on the total amount deposited in the bank accounts at Rs.95,65,429/- treating it as turnover and calculating net profit at Rs. 7,65,234/- and after giving benefit of income of Rs. 2,92,780/- declared by the assessee remaining amount of Rs.4,72,454/- has been added. In our view, this finding of the ld. AO stands rightly confirmed by t....