2024 (8) TMI 874

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... out by the registry that this appeal is filed belatedly by thirty-three days. The assessee has filed an application explaining the delay along with an affidavit that the assessee is a senior citizen and totally ignorant about operating of computers and he was not aware as to when the first appellate order has been passed and states that the first appellate order has been served on his tax consultant Mr C A Majaz, who never informed the assessee regarding the outcome of the first appeal and handed back file records. Subsequently, with the help of newly appointed counsel Mr Bashir Ahmad (FCA) the assessee filed this appeal before the Tribunal belated by 33 days. As such he prays for condonation of the delay and admission of the appeal. Consi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ged in the business of biscuits and confectionary and sweets under the trade name of M/s Shalimar Sweets, located at Habkadal, Srinagar. During the FY 2016-17 (Asst year 2017-18 under appeal), there was deposit of Rs. 1,41,91,271/- (inclusive of Rs. 14,54,900/- in SBN during demonetization period), in his bank account, with J K Bank, Srinagar. 4.1 In absence of any regular return on record, and in absence of any compliance or response from the assessee in response to notice u/s 142(1), of the Act 61, the AO completed the assessment u/s 144 of the Act, by determining the business profits @ 8% on business turnover at Rs. 10,19,920/- (excluding the SBN deposits) and further added back the amount of SBN Rs. 14,54,900/- u/s 69A of the Act 61, a....