2024 (5) TMI 823

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... by the order dated 12/02/2024 passed by the learned Addl/JCIT(A)-Udaipur ("Ld. CIT(A)"), in the case of Venugopal Sarda ("the assessee") for the assessment year 2017-18, assessee preferred this appeal. 2. Brief facts of the case are that the assessee is the proprietor of M/s. Sarda & Co. He filed the return of income for the assessment year 2017-18 on 06/10/2017, declaring an income of Rs. 3,7....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ly from the business, confirmed the addition. Hence, this appeal. 4. Learned AR submitted that the reason for selecting the case for scrutiny was to verify the large cash deposits in the bank during the year and having satisfied with the source only the learned Assessing Officer resorted to estimate of the net profit. His submission is that having regard to the line of business of the assessee,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e light of the submissions made on either side. Assessee does not challenge the estimate of net profit by the learned Assessing Officer, but his only grievance is in respect of the rate at which the same is estimated. There is also no dispute that in the case of Mr. Jai Singh, in the same line of business, net profit at 0.5% and 0.57% was accepted by the Revenue for the assessment year 2015-16 and....