TaxTMI 
TaxTMI 
TaxTMI 
2024 (12) TMI 387
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....ase. 2. The learned Commissioner erred in estimating income of the Appellant at 8 percent on the total Turnover, not considering that the drip irrigation commission has already been certified by the BIS through commission certificate 3. The learned Commissioner erred in adopting an adhoc rate and not applying a justifiable rate of net profit considering the nature of business and other facts. 4. The learned commissioner erred in accepting the contention of the learned AO that purchase bills, confirmation from party, tally extract narrating bank statement are not submitted during the course of proceedings 5. The appellant carves leave to add to, amend or modify the above grounds of appeal either before or at the time of hearing of th....
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....k account for making Demand Draft on behalf of the farmers. The transactions in the bank account are related top that business only. However, the learned CIT (A) confirmed the addition made by the Assessing Officer without appreciating the remand report of the Assessing Officer. He has further submitted for the subsequent A.Y i.e. A.Y 2017-18, the learned CIT (A) has deleted the addition made by the Assessing Officer and accepted the income declared by the assessee as commission @ 1.5%. He has filed a copy of the order of the learned CIT (A) dated 27/06/2024 for the A.Y 2017-18. The learned AR has also referred to the assessment order dated 16/12/2019 in case of one Shri Anand Rao Moglikar, wherein the Assessing Officer has accepted the com....
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....hus, he has relied upon the impugned order of the learned CIT (A). 5. We have considered the rival submissions as well as the relevant material available on record. There is no dispute that the assessee has not filed any return of income u/s 139 or in response to notice u/s 148 of the I.T. Act, 1961. Further, there was no compliance on behalf of the assessee to the notices issued by the Assessing Officer and consequently, the Assessing Officer was constrained to frame the assessment on, best judgment basis, as per material available with the Assessing Officer. The Assessing Officer consequently made addition of Rs. 2,04,44,804/- representing the total deposits made in the Bank Account of the assessee. Before the learned CIT (A), the assess....
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....of Bangaru Irrigation Systems, Renewal form copy of Agricultural Market Committee license and statements showing the DD's details, financials, Bank statements. etc., The additional evidences submitted by the assessee are perused. From these it appears that the assessee is into supply of irrigation material and also into commission business in the market committee in the market committee for agricultural produce like maize, turmeric etc., In this line of business, the farmers approach the assessee for getting drip allotted to their land on subsidy basis as per the Scheme of Government of Telangana. During the process, the farmers give pattadar passbook along with required amount in cash to the assessee. In turn, the assessee deposite....
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.... per the scheme run by the State Government along with his commission business in agricultural market committee and the assessee received the cash from the farmers and deposited the same in his bank accounts for making DDs on behalf of farmers, the transactions in the bank account are related to that business only. Submitted for kind perusal of Learned CIT(A) for deciding the case on merits Yours faithfully, Assessing Officer" 6. Thus, the Assessing Officer has accepted the claim of the assessee that, the assessee is carrying on business activity in the rural areas on behalf of the farmers as per the scheme run by the State Govt. along with his commission business in agricultural market committee. By considering this remand report, the....