2023 (5) TMI 1353

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y 114 days in filing the appeal and filed a petition for condonation of delay in the form of an affidavit to which; the ld. DR has not raised any serious objection. Consequently, since the assessee was prevented by sufficient cause, the delay of 114 days in filing of the appeal stands condoned and the appeal is admitted for adjudication. 3. Brief facts of the case are that the assessee is an individual, carrying on business in real estate under the name and style of M/s. SVS Enterprises, Tambaram. A survey under section 133A of the Income Tax Act, 1961 ["Act" in short] was conducted in the assessee's business premises on 30.03.2012 and the assessee has admitted total undisclosed income of Rs..3,35,40,100/- for the assessment years 2010-11 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....grieved, the assessee carried the matter in appeal before the Tribunal. The ld. Counsel for the assessee has submitted that the Assessing Officer made the additions based on only survey admission and there was no incriminating material found during the course of survey to make the addition. 5. On the other hand, the ld. DR has submitted that the assessee has not maintained any books of account, in fact, the assessee has maintained one note book and based on that, the addition was made. 6. Per contra, the ld. Counsel for the assessee has submitted that for earlier assessment years returns were filed by the assessee and the net profit ratio was 17.03%, 18.40% and 16.38% in the year ended 31.03.2007, 31.03.2008 and 31.03.2009 respectively. T....