TaxTMI 
TaxTMI 
2025 (12) TMI 1036
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....06.2025 for Assessment Year (AY) 2015-16 & 2020-21. ITA No.2212/Chny./2025 for A.Y 2015-16 2. The assessee has raised the following grounds of appeal: "1. The order passed by the Learned CIT(Appeals), National Faceless Appeal Centre, Delhi is bad in law and against the principles of Natural Justice. 2. The entire assessment proceedings are vitiated as the reassessment notice was issued by the Jurisdictional Assessing Officer (JAO) and not by the Faceless Assessment Officer (FAO), rendering the entire reopening proceedings without jurisdiction and invalid. This fundamental jurisdictional defect renders the entire reopening proceedings invalid and without jurisdiction. This being a pure question of law going t....
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....al carrying on civil contract works to various Departments of the Government of Puducherry and Karnataka. The assessee did not file the return of income for the A.Y 2015-16. The Assessing Officer (AO) based on information available noticed that the assessee had deposited cash in bank and has also received payments from various parties against which TDS was deducted. Since, the assessee did not file a return of income the assessment was reopened by issue of notice u/s. 148 of the Act. The assessee in response filed the return of income declaring a total income of Rs. 21,53,864/- on 19.11.2021 in which the assessee has offered 6% of the total receipts as per Form 26AS as business income. The A.O called on the assessee to furnish details perta....
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....n the subsequent years had declared profit on presumptive basis @ 8% which has been rightly adopted by the CIT(A). 6. We have heard the parties and perused the materials available on record. From the perusal of the order of the CIT(A) we notice that the assessee profit declared by the assessee in earlier years where he has maintained proper books of accounts is around 6%. However, it is noticed that in the subsequent years, where no books of accounts is maintained, the assessee has declared profit @ 8% on the presumptive basis. We also notice that for the year under consideration, the assessee in response to notice u/s. 148 of the Act has declared profit on estimated basis and not based on proper books of accounts. During the course of h....
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.... The assessee further stated that in the ITR Form, he could not declare receipts in excess of Rs. 2,00,00,000/- under relevant column for showing gross business receipts on presumptive basis and therefore, the assessee in order of declare income estimated @ 8% has declared 92% of the certain receipts as deduction u/s. 57 of the Act. The A.O however did not accept the submissions of the assessee and held that when the income has declared on presumptive basis there is no provision for allowing expenditure u/s. 57 of the Act. Accordingly, the A.O disallowed the expenditure claimed by the assessee u/s. 57 of the Act to the tune of Rs. 72,50,910/-. On further appeal, the CIT(A) confirmed the disallowance made by the A.O. The assessee is in appea....
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.... 1,51,31,351 Income offered @8% 12,10,509 2 Capital Gains Sale consideration [S.No.(h)] 75,50,000 Less: Indexed cost of Acquisition 70,99,246 Long Term Capital Gain 4,50,754 3. Other Sources i Interest income [S.No.(a) & (b)] 1,33,722 ii Other Receipts [S.No.(c) & (d)] 78,81,423 Less: Expenses us. 57-estimated @92% 72,50,910 6,30,513 Income from other sources 7,64,235 Gross T....
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....not maintained any books of accounts. For the year under consideration, the assessee against other receipts had claimed deduction @ 92% u/s. 57 of the Act, which is denied by the Revenue. Out of the other receipts declared by the assessee, we notice that the receipts from Karnataka Road Development Corporation Ltd. is against contract payments, where tax has been deducted u/s. 194C of the Act. Therefore, there is merit in the claim of the assessee that the amount has been inadvertently declared as income other sources, whereas the same is the business receipts of the assessee. As already mentioned, since the assessee is declaring 8% on presumptive basis against the business receipts and considering that the CIT(A) himself in the AY 2015-16 ....