2023 (1) TMI 1211

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....ustaining the addition as made by the AO @ 8% of the undisclosed turnover by applying the provisions of Section 44AD of the Act whereas the prevailing margin ranges from 0.75% to 1% of the turnover. 3. At the outset, we notice that there is a delay of 95 days in filing the appeal. The assessee has filed an affidavit dated 19.12.2022 affirming on oath that he was not well and was suffering from jaundice from 07.07.2022 up to 22.08.2022. The affidavit further stated that the assesse joinedon 24.08.2022 and consequently the appeal could not be filed before the tribunal in time which was ultimately late filed by 95 days. The Ld. A.R prayed that delay may kindly be condoned and appeal may be admitted for hearing as the delay is for genuine an....

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....t 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 by the AO u/s 143(3) of the Act dated 30.12.2019. 7. The Ld. CIT(A) simply affirmed the order of AO by observing and holding as under: "5. The appellant's above submission is carefully considered. It is evident from the bank statement submitted that the credits were made by way of both cash/cheque deposits and online transfers. The debits in accounts are all transfer of funds to various parties and no cash withdrawals were made. The appellant never disputed the receipt of Rs. 6,03....