2024 (8) TMI 1608

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....llowing grounds of appeal: "Grounds: 1. The order dated 16/10/2024 bearing No. ITBA/NFAC/S/250/2024-25/1069704382[1] passed by the Hon'ble CIT[A], NFAC, Delhi, is excessive, unreasonable, arbitrary, against the provisions of Income Tax Act, 1961 and therefore liable to be quashed. 2. On facts and circumstances of the case and in law, the Honourable C.I.T.(A) has erred in confirming the addition of Rs. 19,99,860/- made by the Assessing Officer on account of estimation of net profit @3% of the turnover of the Appellant. 3. The appellant craves to alter, add, delete, substitute, or modify and other grounds of appeal." 2. The only effective Ground raised by the assessee relates to challenging the order....

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.... of cash deposits. The assessee was engaged in the business of retail selling of liquor under the proprietary concern M/s Vintage Wines and M/s Bharat Wines during the year under consideration i e. for A. Y. 2017-18. During remand proceedings, books of accounts are examined. Purchase and expenditure vouchers are examined on test check basis, wherein, it is noticed that the major expenses incurred by the assessee was towards Local Body Taxes, License fee & remaining expenses are towards operational expenses like transport, salary etc. The challans paid towards local body taxes, licence fees were produced before this office for verification. The remaining operational expenses were also examined on test check basis wherein the same is found to....

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....10.61% 7.11% NP 44,55.785 4211651.00 4403722.17 3941010.42   1.75% 1.90% 1.86% 1.77% Hence, the CIT(A) is requested to decide the same on merits of the case. 6. After having gone through the entire remand report, we found that during the appellate proceedings, the assessee had placed on record all the required documents in the shape of books of accounts which were examined. Apart from this purchase and expenditure vouchers filed by the assessee were also examine and it was noticed by the AO that the major expenses incurred by the assessee were towards local body taxes, licence fee and are towards operational expenses like transport, salary etc. In order to, substantiate the said expenses the....