TaxTMI 
TaxTMI 
2024 (11) TMI 231
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.....M. ROY, A.M. The assessee has filed this appeal challenging the impugned order dated 30/09/2024, passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, ["learned CIT(A)"], for the assessment year 2017-18. 2. The assessee has raised following grounds:- "1. Whether on the facts and circumstances of the case, the learned Commissioner of Income Tax app....
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.... premise of Shri Roshan Diwakar Dhore. During the search proceedings, various incriminating documents related to the assessee were found and seized. Based on seized documents, the case was selected for the scrutiny assessment under section 153C of the Act. Accordingly, a notice under section 153C of the Act was issued on 25/09/2020, and served on the assessee. The assessee had filed his return of ....
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....g search a penalty proceeding under section 270A for mis-reporting of income was initiated. The assessee has made a turnover of Rs. 11,79,866, during the year and for this turnover the initial capital is required. The above turnover was divided on monthly basis which comes to around Rs. 98,000, and the same was treated as initial capital for the undisclosed turnover made by the assessee. Therefore....
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....eal proceedings agreed to offer 4% of the total receipts as income from the business of books trading. The learned CIT(A) considering the facts of the case, was of the opinion that the gross profit @ 8% is on the lower side considering nature of business transactions. Hence, considering the facts & circumstances and the submissions of the assessee, the learned CIT(A) ultimately directed the Assess....