TaxTMI 
TaxTMI 
2025 (7) TMI 1835
X X X X Extracts X X X X
X X X X Extracts X X X X
....16. 2. At the outset, it is noted that there is a delay of '112' days in filing of the appeals. The assessee has explained the cause for the delay and therefore, we excuse the delay in filing of appeals for '112' days and proceed to hear the appeals on merits. 3. Both parties agreed that identical issues are permeating in all the three appeals and therefore, appeal related to AY 2013-14 is taken as the lead case, the result of which will be followed for the other two assessment years. 4. At the outset, it is noted that even though the assessee has raised several issues and has raised eight (8) grounds of appeal but before us has pressed only the impugned estimation of income on turnover of assessee at comparable/reasonable rate; and on t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d notice to the bank u/s.133(6) of the Act and thereafter noted that the total deposit in four banks was to the tune of Rs. 6,55,91,614/- whereas assessee had filed computation of income for AY 2013-14 along with belated Audit Report which has shown net profit of Rs. 3,73,741/- on sale of Rs. 1,36,57,210/- and income from other sources (FD) at Rs. 2,347/-. The AO further noted at Para No.6.1 of his order that the assessee has offered business income of Rs. 3,71,394/- on sale of Rs. 3,84,49,750/-, thereafter, the AO is noted to have analyzed the banks statement of the assessee and found that the total accumulated credits reflected in four bank accounts of the assessee was to the to the tune of Rs.6,55,91,614/- whereas the assessee has shown ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... bank to another bank. According to her, the assessee due to ill-health and other family problems couldn't file RoI before the due date and therefore, pursuant to the notices issued by the AO, has filed belated return; and explained that the assessee used to collect cash from the customers [for recharge of cell-phones] and used to deposit the same into her bank accounts and thereafter, remitted/transferred it to Airtel, Reliance, etc for a meager commission; and in order to buttress this fact had filed the bank statement, income computation, balance sheet and P&L a/c for all the three (3) years. However, according to the Ld.AR, the AO has arbitrarily computed the net profit @2% on the 'undisclosed turnover' of the assessee which is unreason....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... have earned 2% margin of profit from 'undisclosed turnover' and thus, computed 2% of Rs. 1,34,84,654/- which was computed at Rs. 2,69,693/- and added to the total income of the assessee. On appeal, the Ld.CIT(A) noted that the assessee had challenged the AO applying the net profit @2% on the 'undisclosed turnover' of Rs. 1,34,84,654/- by claiming various duplicate entries in the bank accounts, which the AO has not considered while computing the total turnover and pleaded for net profit @0.5% instead of 2% which assessee submitted it to be high in the business of recharge of cellphones. However, the Ld.CIT(A) noted that the assessee, in the first place, has not filed any RoI and had filed only after issuance of notice for re-opening of asse....