2025 (2) TMI 1257

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....inst the separate orders of ld. Commissioner of Income-tax Appeals/National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. CIT (A)] dated 05.10.2023 & 06.10.2023 for Assessment Years 2013-14 & 2014-15 respectively. 2. Since the issues are common and the appeals are connected, hence the same are heard together and being disposed off by this common order. We take ITA No.350....

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....to the extent of Rs.28,04,97,551/-. It was noticed that assessee was indulged in providing accommodation entries and the net profit was estimated @ 3% of the total turnover after rejecting the book profit from two parties and the same was added to the income u/s 68 of the Act. Further addition was made for the unexplained cash deposit made in the various bank accounts to the extent of Rs.1,13,60,9....

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....the other hand, ld. DR of the Revenue relied on the orders of the lower authorities. 6. Considered the rival submissions and material placed on record. We observed that in this case, assessment was completed u/s 143(3) of the Act on 30.03.2016 at an assessed income of Rs.3,25,43,787/- against the returned income of Rs.12,73,721/. We observed that the ld. CIT (A) dismissed the appeal filed by th....

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....f Hon'ble High Courts wherein Hon'ble High Courts have upheld the action of the Tribunal deleting penalty levied on estimated quantum addition as under :- (i) CIT vs. Krishi Tyre Retreadign and Rubber Industries 360 ITR 580 (Raj.); (ii) CIT vs. Sangrur Vanaspati Mills Ltd. 303 ITR 53 (P&H); and (iii) CIT vs. Subhash Trading Co. Ltd. 221 ITR 110 (Guj.) 8. Thus, as note....