TaxTMI 
TaxTMI 
2022 (8) TMI 448
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....r is bad in law and facts as well. 2. For that the appellant is registered businessman and they filed his return regularly. 3. For that learned assessing officer taking figure from bank and charge general rate 8% where as the appellant has not run as contract business so that the assessment order of the assessing officer is not correct or as per law. 4. For that the LAO pick up all the transaction deposit and withdrawal there is no evidence from the transaction represent sale. 5. For that without prejudice to above, the estimate of income @ 8% of the deposit is wrong, illegal, unjustified and beyond the law. 6. For that the LAO added amounting to Rs. 8,01,210/- as capital is wrong, it is simple t....
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.... the assessee as under: "A. Income from business & profession: (i) On perusal of bank statement of the assessee it is seen that during the F.Y. 2011-12 relevant to A.Y. 2012-13 assessee had made cash deposits amounting to Rs. 66,11,000/- (in cash) with Axis Bank with A/c No. 911010038381553 and ICICI Bank with A/c No. 92501501904 in his name and using the name of Murari Prasad on the same PAN. Return of income was not filed. Notice issued u/s 148 of the Act calling for return of income was not complied for. Neither any compliance was made nor return was filed in response to said notice, assessee was asked to explain vide show-cause notice dated 13.05.2014 & 25.06.2014 as to why your total income from business or profession....
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.... facts necessary for assessment, penalty proceeding u/s 271(1)(c) is therefore initiated for furnishing in accurate particulars of income as discussed in para (A)((i) & A(ii) above. Assessed u/s 147/144 at total income of Rs. 21,29,470/-. Charge interest u/s 234A & 234B & 234C as per rules. Issue demand notice and challan accordingly. Computation of Tax: Total income Rs. 21,29,470/- Tax on total income Rs. 4,90,841/- Add: Education cess & SHEC Rs. 14,725/- Total tax payable Rs. 5,05,566/- Add: interest u/s 234A:1/14 to 8/14=20m (8m x 5056x1) Rs. 40,448/- Add: interest u/s 234B: 4/12 to 8/14 = 29m (29m x 5056x1) Rs. 1,46,624/- Add: interest u/s 234C Rs. 18,706/- Total tax & interest payable ....
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....n deposits, either on the same day or the next day or after few days. The | nature of the transactions is not sale/purchase. Therefore, AO was not justified in treating total deposits of Rs. 66,18,000/- as gross turnover of the business and the same is found to be unsustainable. Hence, addition made by AO on this ground is deleted. As a result, this ground of appeal is allowed. 3.1 The second issue is regarding addition of Rs. 16,00,028/- (8,00,028 + 8,00,000) on account of peak credits, being undisclosed capital in bank accounts of the appellantassessee. On this issue, the appellant filed submission. I have gone through contentions of the appellant and the facts of the case. I find AO's action to be correct. However, the appellant....