2023 (1) TMI 1211

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....e appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)"] dated 15.07.2022 for the AY 2017-18. 2. The only issue raised by the assessee in the various grounds of appeal is against the order of Ld. CIT(A) sustaining the addition as made by the AO @ 8% of the undisclosed turnover by applying the prov....

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.... Ld. D.R on the other hand left the issue to the wisdom of the Bench. 5. After hearing the rival contentions and perusing the material on record, we observe that the delay in filing the appeal is for reasonable and sufficient cause and for the reasons which are beyond the control of the assesse. Accordingly we condone the delay and admit the appeal for adjudication. 6. Facts in brief are that th....

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.... 30.03.2017 the total deposits were Rs. 6,03,54,234/- but as per return of income ,the declared turnover was only Rs. 77,52,796/- u/s 44AD of the Act and the difference of Rs. 5,26,01,438/- was treated as undisclosed turnover and a profit @8% which comes to Rs 42,08,115/- was applied to assess the undisclosed turnover thereby adding Rs. 42,08,115/- to the income of the assessee in the order passed....

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....f account s and such large number of transactions, it was not verifiable for the AO whether the debits in bank account were spent wholly for the purpose of business of the appellant and whether any personal expenditures were involved. Hence, n the absence any of the supporting materials, the appellant's request was rightly rejected by the AO. I find that the order passed by the AO is in proper ord....