2025 (2) TMI 1874

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....ailendra Srivastava, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.10/AGR/2023 for AY 2017-18, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] dated 10.10.2022 against the order of assessment passed u/s 271A of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 08.01.2022 by ....

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.... notice under Section 142(1) of the Act on 17-01-2018 calling the assessee to prepare a true and correct return of his income for Assessment Year 2017-18. No compliance was made by the assessee to the said notice. However, the learned AO obtained the complete bank statement for the financial year 2016-17 from the bank and observed that in the said bank account maintained with State Bank of India, ....

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....sh received on behalf of Mother Dairy which was swiped to Mother Dairy on the same day. The Profit and Loss account together with the computation of income was duly furnished by the assessee before the Learned AO. The Learned AO had also acknowledged the fact of assessee filing the balance sheet, Profit and Loss account and return of income for the Assessment Year 2017-18 in page no. 2 of his orde....

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....Accordingly, the Learned AO determined the total income of the assessee at Rs. 4,89,760/- after making addition on account of estimated net profit from business. Penalty proceedings under Section 271A of the Act stood initiated for non-maintenance of books of accounts as required under Section 44AA of the Act by the Learned AO. 4. We find that Assessee, being a retired soldier, running a milk b....