2024 (10) TMI 240

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....143(3) is illegal, invalid and bad in law. 2. The learned Commissioner of Income Tax (Appeals)-3, Nagpur erred in confirming addition of Rs. 1,27,074/- is unjustified, unwarranted and excessive. 3. The learned Commissioner of Income Tax (Appeals) 3, Nagpur erred in confirming addition made by the learned assessing officer under the head income from business is illegal, invalid and bad in law. 4. On the facts and circumstances the learned Commissioner of Income Tax (Appeals)-3, Nagpur erred in not accepting the contention of the assessee that assessee has not made any cash transaction with Kamnani Group as alleged cash transaction of Rs. 25,41,479/- and treated the same as unaccounted cash transaction though the sa....

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....horised Representative and not the assessee and since the balance of convenience lies on the part of the assessee, therefore, I am of the opinion that the assessee's appeal cannot remain un-admitted due to the fault on the part of the learned A.R. representing the assessee. However, despite the delay, in the interest of justice, I am of the opinion that the assessee is prevented in filing its appeal belatedly and thus the delay of 147 days in filing the present appeal is hereby condoned. I now proceed to dispose off the appeal on merit. 2. Facts in Brief:- The assessee is engaged in the business of brokerage and commission business of Betel Nuts (supari) as commission agent under the name and style of "M/s. Shyamkumar Sugandh". The asses....

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....the name of the assessee is "Shyamkumar Chandulal Sugandh" and not "Shyambhai" as stated in jotting and noting. It was submitted that the assessee has neither made sales nor made any cash transaction with Kamnani Group. The Assessing Officer has not accepted the contention of the assessee and relied on the basis of loose paper bundle found at the premises of Shri Ajay Kamanani, which is showing some "Shyambhai" has made cash transactions of Rs. 25,41,479, against the various bills. The assessee further submitted that as the assessee is not doing any trading business with Kamnani Group, hence there is no question of making any payment against the bills, which were shown in the seized materials. The assessing officer has not accepted the cont....