TaxTMI 
TaxTMI 
2022 (12) TMI 1215
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.... 1. For that the impugned order passed by the learned Commissioner of Income Tax (Appeals) [CIT(A)] is bad in law, facts and procedure. 2. For that the Id. CIT(A) was not justified in upholding the action of the Id. AO in arbitrarily determining Rs. 12,64,14,049/- as undisclosed business turnover of the assessee. 3. For that on the facts and circumstances of the case, the Id. CIT(A) ought to have hold that the Id. AO was not justified in again adding Rs. 2,59,367/- to the undisclosed business turnover of the appellant and the same amounts to double addition. 4. For that the Id. CIT(A) ought to have held that the Id. AO was not justified in relying upon the decision of the Id. CIT(A)'s order dt. 20.09.2017 wi....
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....le to be quashed. 11. For that your appellant craves leave of your honours to take additional ground or grounds and/or to modify any ground(s) of appeal at or before the time of hearing . 3. When the case was called, none appeared on behalf of the assessee. Perusal of note sheet shows that in the past when the case was fixed for hearing none appeared also on two occasions. We, therefore, deem it proper to adjudicate the appeal on merits ex parte qua the assessee with the assistance of the ld. Departmental Representative and material available on record. 4. Brief facts of the case as culled out from records are that the assessee is an individual, engaged in the business of retail trading. Income at Rs. 4,99,860/- declared in e....
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....ued supporting the orders of the lower authorities. 8. We have heard the ld. DR and perused the material placed on record before us.. 9. As regard to ground nos. 1 to 6 the grievance of the assessee is against the determination of undisclosed business turnover, arbitrary application of net profit rate at 8% and not allowing proper opportunity of bearing heard. 10. As far as not allowing proper opportunity is concerned, we fail to find any merit in this submission of assessee as S/Shri Deb Roy & Sudeb Roy appeared and filed written submissions/explanation, which has been duly considered by the ld. CIT(A). Therefore, there is no merit in ground no. 6 raised by the assessee. 11. As regard to remaining grounds 1 to 5 are concerned, ....
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....ing fair to both the parties and also considering the fact that there was undisclosed sales prior to 1.8.2014, the assessee himself has offered the N.P rate at 2.03% on the disclosed turnover also, estimating the net profit @ 4% will meet the end of justice. Thus, the estimated net profit on undisclosed business turnover, will works out at Rs.50,56,562/- and the same stands confirmed and remaining addition stands deleted. Thus, ground nos. 2 to 5 are partly allowed. 14. Apropos ground no. 7 relating to addition for undisclosed interest of Rs. 32,226/-, we are of the considered view that since we have already estimated the business income of assessee for the year under consideration, we do not find any merit in the action of the ld. AO ma....