2024 (8) TMI 813

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....ted 22nd December, 2017, was dismissed. 02. Therefore, assessee is in appeal before us, raising following grounds of appeal:- "1) That the Assessment order dates passed under section 22/02/2017 passed under section 143 (3) under section 143 r.w.s. 147 of the Income tax Act 1961 by the ld Income tax officer is against the law and facts on the file in as Much as had has gravely erred in computing total income Rs. 2775833/ against the return income Rs. 213130/- 2) The Assessment order dated 26/11/2018 under section 143 (3) r.w.s. 147 of the Act income tax act 1961 by the income tax officer is against the law and facts on the file in as much as he was not justified to the resont to the reassessment proceedings under section....

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.... his return of income declaring total income of Rs. 2,13,130/- on 27th April, 2017. The assessee was provided with copies of the reasons but assessee did not raise any objection, therefore, notices under Section 143(2) and 142(1) were issued. 04. During the course of assessment proceedings, it was submitted that assessee is an individual engaged in retail trading of Jeans. Assessee was asked to furnish the source of deposit of cash. According to the learned Assessing Officer the assessee has not furnished any satisfactory explanation therefore, show cause notice was issued on 7th December, 2017. The assessee explained that as the assessee was new in the business, he purchased raw materials from local market without any bill and also sold....

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....e the learned CIT (A), the assessee submitted the written submission but the learned CIT (A) confirmed the action of the learned Assessing Officer as assessee failed to furnish any evidences of his trading business. Therefore, the assessee is in appeal before us. 06. After considering the argument of the rival parties and perusing the orders of the learned lower authorities, we find that assessee though did not file any return of income u/s 139 of the Act , but in response to notice under Section 148 of the Act, filed his return of income declaring total income of Rs. 2,13,130/-. This income was shown on the total sales of Rs. 14,19,911/-. Assessee submitted the revised computation of total income and increased the sales to Rs. 38,85,650....