TaxTMI 
TaxTMI 
2025 (2) TMI 1876
X X X X Extracts X X X X
X X X X Extracts X X X X
....reinafter referred to as "the Act") dated 14.11.2018 by the Assessing Officer, ITO, Ward-2(2)(2), Firozabad (hereinafter referred to as "ld. AO"). 2. None appeared on behalf of the assessee despite issuance of notice on several occasions. Infact on 11-10-2023 and 06-12-2023, one Advocate Shri P K Sahgal had even represented and sought adjournment on behalf of the assessee. Thereafter there was no response from the side of the assessee or his authorized representative. Hence we proceed to dispose of this appeal after hearing the ld DR and based on materials available on record. 3. The assessee has raised the following grounds of appeal:- "1 That reassessment made in the case of assessee is bad in law and abinitio void and thus....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the assessee had sufficient working capital thus there was no occasion for making addition of Rs. 3,75,000 under the garb of peak deposit or working capital and the learned CIT(A)-2, Agra has erred both in law and on facts in upholding arbitrary and unjust addition of Rs 3,75,000, which in the light of facts of assessee's evidences/material placed on record, is liable to be deleted. case and 6 That in any view of the case of the assessee the addition of Rs 3,75,000 is unsustainable and be kindly deleted. 7 That the appellate order dated 31 October, 2019 passed by the learned CIT(A)-2, Agra is against the law and facts of the assessee's case The appellant also seeks permission to modify and/or adduce any o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... net profit of the business at the rate of 8% amounting to Rs 2,15,798/- and cash deposit at peak of cash deposits of Rs 3,75,000/- determined the total income of the assessee at 5,90,798/- and completed the assessment under Section 144 read with Section 147 of the Act on 14-11-2018. In appeal, the Learned CITA obtained remand report from the Learned AO. The said remand report was duly forwarded to the assessee. The assessee filed his rejoinder to the said remand report. After considering the submissions of the assessee, remand report and rejoinder to the remand report, the Learned CIT(A) upheld the action of the Learned AO by observing as under:- "8.1 I notice that the appellant has filed this appeal against the A.O's action o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....trength to the appellant's arguments in support of the disclosed net profit. Further, a perusal of the cash memos produced by the appellant during the remand proceedings indicates that the contents and nature of these documents do not inspire confidence. A perusal of the saving bank account statement reveals that multiple cash deposits were made in it during the impugned year and no cheque payment to any supplier/trader is seen in it. So, in consideration of the factual matrix of this case, I am of the opinion that the A.O. has not erred in estimating the appellant's net profit @ 8%. 8.4 As regards the other addition of Rs. 3,75,000/- made by the A.O. to the appellant's income, I observe that the appellant has failed to....