2020 (2) TMI 1673

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....Godara: This assessee's appeal for assessment year 2013-14 arises against the Commissioner of Income Tax(Appeals)-12, Kolkata's order dated 28.02.2019 in case no.10017/CIT(A)-12/Wd-40(4)/Kol/2017-18 involving proceedings u/s 144 of the Income Tax Act, 1961 (in short 'the Act'). Heard both the parties. Case file perused. 2. The assessee raises the following three substantive grounds in the....

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....t Rs.390,646/- instead of Rs. 1,40,646/- while computing the assessed income of the Appellant which may be directed to be corrected in this forum." 3. Learned authorized representative is fair at the outset in not pressing for the assessee's third substantive grievance. Coming to the former two substantive grounds challenging the lower authorities' action and more particularly the CIT(A)'s find....

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....11.2. It is apparent that the A.O has jumped to the conclusion without appreciating the nature of entries in the bank account, this being to the above extent of Rs.1,20,49,544/- ,the A.O is wrong. The sale addition figures found by the A.O is thus overstated by that figure. The balance figure of Rs.28,80,523/- is sought to be explained as received from earlier debtors and loan. As the said claim a....

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....return of income. Since expenses or purchases are not very clear to me, I confirm the addition made on this account up to 60% of Rs.22,30,523/- being Rs.13,38,314/-." 4. It is in this backdrop of facts that the only issue that survives for our apt adjudication is the alleged excessive element of the assessee's profit rate @60% in the lower appellate proceedings. We notice that this assessee is ....