2025 (6) TMI 409

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.... assessment u/s. 147 of the Act. Under the facts and circumstances of the case, the action of reopening is without jurisdiction and in not permissible either in law or on facts. 2. The Ld. CIT(A) has erred in law and on facts of the case in confirming an addition of Rs. 43,19,771/- made by the Ld. AO by estimating profit at the rate of 9.29%. 3. Alternatively and without prejudice, the estimated rate of profit of 9.29% is highly excessive and does not reflect the real income earned by the appellant. 4. Both the lower authorities have passed the orders without properly appreciating the facts and they further erred in grossly ignoring various submissions, explanations submitted by the appellant from time to time whi....

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....assessee attended the proceedings and submitted written submissions along with statement of bank account, copy of cash book and copy of audit report for assessment year 2011-12. Subsequently, a summon to the assessee u/s. 131 was issued and served upon to the assessee's daughter. In response to the summons, the assessee attended on 14-12-2018 and statement u/s. 131 of the Act was recorded. While recording the statement, the assessee replied for question no. 14 regarding sales bills and purchase bills for the year under consideration that sales and purchase bills are flown in river and further reply that he was not aware that books of accounts i.e. sales and purchase bills are to be kept for records. The Assessing Officer observed from the p....

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....al of the assessee. 5. The ld. A.R. submitted that the CIT(A) erred in confirming the addition of Rs. 43,19,771/- made by the assessment order by estimating the profit @ 9.29% as the estimated rate of profit of 9.29% is highly excessive and does not reflect real income earned by the assessee. The Assessing Officer further submitted that lower authorities have passed the orders without properly appreciating the facts and also ignored various submissions, explanations and information given by the assessee from time to time. The ld. A.R. submitted that the estimation of profit should have been @ 1.74 % rather than at a higher rate of 9.29%. The ld. A.R pointed out page 68 of the paper book wherein the sales/gross receipts of business or pro....