2025 (4) TMI 651

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....assessee is a Contractor/Builder with Material contract/Labour contract. Return of income for the A.Y. 2018-19 was furnished on Assessee by : Shri Kishor B. Phadke Revenue by : Shri Vinod Pawar Date of hearing : 24.12.2024 Date of pronouncement : 07.01.2025 29.08.2018 which was subsequently revised declaring total income of Rs. 2,98,410/-. After the case selected for Complete Scrutiny for verification of large commission expenses and low net profit, following by issuance of statutory notices u/s.143(2)/142(1), the assessee submitted partial details. From the ITR details, the Assessing officer observed from the profit and loss account that the assessee has debited Rs. 21,28,710/- as commission expenses. However, in response to notice u/s.142....

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.... ledger account of Construction Expenses is filed which mainly includes the amount incurred towards purchase of Bricks, Sand, and payment of labour. It is also claimed before me that the assessee fall under the Presumptive Taxation Scheme u/s.44AD of the Act and the income is estimated @8% of the gross receipts which comes to Rs. 2,41,008/-, however, the assessee has shown higher amount of Rs. 2,98,412/-. It is also claimed that unintentional mistake made by the person filing the income-tax return mentioned the word 'Commission' in place of 'Construction'' and the same should not be taken against the assessee. It is submitted that the assessee in response to notice u/s.142(1) submitted his explanation vide submission dated 30.01.2021, which....