TaxTMI 
TaxTMI 
2025 (3) TMI 148
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the affidavit that assessee received the demand notice on 08.04.2024 by speed post, but did not receive any appeal either by register post or on email, which is general mode of communication. It was only noticed only after taking the print out of the appellate order that there is a delay of 117 days for which the condonation petition is filed. 03. The ld. DR on the other hand strongly opposed the condonation of delay on the ground that the delay is not properly explained. 04. After hearing the rival contentions and perusing the materials available on record, we find that the reasons for delay appear to be sufficient and bonafide and accordingly, the delay is condoned. 05. The only issue raised against the confirmation of addition of Rs....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the side of the assessee. Accordingly, the entire deposit of cash in these two bank accounts of Rs. 1,62,88,300/- was added u/s 39 of the Act. 07. Similarly, the ld. AO computed the other amounts deposited in the bank accounts which aggregate to Rs. 71,62,220/- in both the bank accounts. The details were given in para 4.1.1, which according to the ld. AO was a business turnover and accordingly, the income was estimated at 8% of the said amount which worked out to Rs. 5,72,978/- and added as undisclosed income of the assessee. 08. In the appellate proceedings, the ld. CIT (A) dismissed the appeal of the assessee by upholding the order of ld. AO, deciding the issues based on the facts available, when the assessee failed to file any written ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....section are applicable where unexplained investments are there. The ld. AR submitted that the assessee has not made any unexplained investments which were not recorded in the books of accounts and therefore, the said provisions have wrongly been invoked by the ld. Assessing Officer. The ld. AR submitted that the assessee has a meagre profit of Rs. 12,368/- as the business of cold storage has huge running and maintenance expenses, therefore, the addition u/s 69 of the Act of Rs. 1,62,88,300/- may be deleted. The ld AR contended that even the bank statements of both the banks were available before the ld. AO which state that after every receipt which was business receipt, the money was withdrawn for the operational expenses and only meagre ba....