TaxTMI 
TaxTMI 
2023 (4) TMI 142
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....h of which are without prejudice to any other :- 1.0 A humble prayer is condone the delay of 169 days in filing of the appeal being caused under the bonafide reasons of compelling circumstances beyond my control of the appellant; 2.0 On facts and circumstances of the case and in Law, Ld. CIT(A) erred in confirming the addition u/s 68 of Rs.2,79,134/- and taxing @ 30% u/s 115BBE on ignoring the fact that such income is derived from profits of retail trade covered u/s 44AD of the Act; 2.1 On facts and circumstances of the case and in Law, Ld. CIT(A) ought to have appreciated the fact that the profit from the business cannot be brought to tax u/s 115BBE r.w.s.68, rather is taxable u/s 28(1) of the Act; 3.0 On facts and circumstance....
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.... because of hospitalization of his aged father in the Bhagwan Mahaveer Cancer Hospital which does not indicate that there is deliberate delay on the part of the assessee. Hence keeping in mind the decision of Hon'ble Supreme Court in the case of Collector, Land & Acquisition vs Mst. Katiji & Others (1987) 167 ITR 472, the delay is condoned. 3.1 The grievance of the assessee in the grounds of appeal raised is against the findings of the ld.CIT(A) in confirming the additions made by the AO at Rs.67,463/- for the unexplained opening capital balance, Rs.28,964/- for the unexplained creditors and denying of deduction u/s 80C amounting to Rs.15,217/-. 3.2 At the outset of the hearing, the ld. Counsel for the assesseee prayed that the alleged ad....
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....stances of the case, firstly we fail to find any merit in the action of Ld. AO calling for the details of sundry creditors and further making addition u/s 68 of the Act for unexplained creditors of Rs.28,964/-. Section 68 of the Act comes into operation only where any sum is found credited in the books of the assessee maintained in the previous year and the assessee offeres no explanation about the nature and source thereof or explanation offered by him, is not in the opinion of the AO satisfactory then such sum so credited may be charged to tax as income of the assessee. Since the assessee is admittedly not required to maintain the books of account, therefore, there is no basis for invoking the provision of section 68 of the Act. Thus we d....