2024 (10) TMI 858

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.... ORDER PER K. NARASIMHA CHARY, J.M: Aggrieved by the order dated 05/07/2024 passed by the Commissioner of Income Tax(Appeals), National Faceless Appeal Centre (NFAC), Delhi ("learned CIT(A)") in the case of Kanukuntla Lakshminarayana ("the assessee") for the assessment year 2016-17, assessee preferred this appeal. 2. Brief facts of the case are that the assessee did not file his return....

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....mation letter from his owner. Learned Assessing Officer treated the entire cash deposit of Rs,93,00,000/- as business receipt of the assessee and made addition of Rs. 7,51,200/- on account of estimation of business income @8% of the total business turnover of Rs. 93,90,900/-. 3. In appeal, the learned CIT(A) upheld the addition made by the learned Assessing Officer and dismissed the appeal of t....

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....in view the levy of privileged fee from the year 2012, estimation of net profit at 3% would meet the ends of justice. Learned AR further submitted that the assessee is a helper, earning a monthly salary of Rs. 12,500/- per month, deposited cash of Rs. 93,90,000/- in respect of business transactions of purchase and sale of liquor in his bank account maintained with State Bank of Hyderabad at the re....