2024 (7) TMI 641

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.... PER BENCH : This is an appeal filed by the assessee against the order dated 01.03.2024, passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi in DIN & Order No.ITBA/NFAC/S/250/2023-24/1061268921(1). 2. It was submitted by the ld. AR that the assessee is engaged in the business of commission agent for prawn seeds. It was the submission that the assessment year 2015-2016 was ....

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....ome of the assessee @8% by applying the provisions of Section 44AD of the Act on the turnover of Rs. 6,67,98,896/-. The AO also brought to tax the interest income earned by the assessee from the bank account. It was the submission that on appeal, the ld. CIT(A) though deleted the reference of Section 44AD of the Act by the AO, however, upheld the addition. It was the submission by the ld. AR that ....

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....easonable. 5. We have considered the rival submissions. At the outset, ld. AR submitted that he does not want to challenge the addition representing the bank interest. Thus, ground raised by the assessee challenging the addition representing the bank interest is dismissed as withdrawn. 6. In regard to the issue of estimation of net profit, a perusal of the facts of the present case clearly s....

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....e airport rent cost, thormocol sheet cost and truck rent cost as there is no possibility of assessee earning any income out of the said expenses. Consequently, the AO is directed to estimate the income of the assessee @2.75% on the total turnover of the assessee i.e. Rs. 5,63,82,203/- after reduction of the expenses regarding airport rent, thormocol sheet and truck rent, respectively. 7. In the....