2026 (1) TMI 747

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.... 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 14-07-2022 in the matter of an assessment framed by Ld. Assessing Officer [AO] on best judgment basis u/s 144 of the Act on 18-12-2019. The registry has noted delay of 893 days in the appeal, the condonation of which has been sought by Ld.....

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....it of Rs. 161.32 Lacs (other than cash deposits) and computed business income of Rs. 12.90 Lacs. The cash deposits of Rs. 10.03 Lacs were treated as unexplained money and separately added to the income of the assessee. 3. During first appeal, it was stated by the assessee that it earned profit rate of less than 4% in subsequent years. However, this plea was rejected by Ld. CIT(A) and profit rat....