2024 (11) TMI 231

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....i Sandipkumar Salunke ORDER PER K.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 th....

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....1 ("the Act") was conducted on 03/04/2019, in the residential 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 ....

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....s it is a clear case of an undisclosed income unearthed during 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....

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....udent of Narayan Education Society. The assessee during the appeal 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 ....