2026 (5) TMI 1400

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....ondent: Shri Ashish Kumar, Sr. DR ORDER The appeal filed by the assessee is against the order passed by the Ld. Commissioner of Income Tax (Appeals) (in short "Ld. CIT(A)"), ADDL/JCIT(A)-12, Mumbai on 28.11.2025 for A.Y. 2010-11. 2. The assessee has raised the following grounds of appeal: "1.  On the facts and circumstances of the case as well as law on the subject, the lear....

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....ssessee had deposited huge cash in his bank account and has not disclosed the bank account to the Department. After obtaining necessary approval and recording reasons for escapement of income, notice under Section 148 of the Act was issued on 31.03.2016. In response to the notice issued under Section 148 of the Act, the assessee filed return of income on 28.04.2016 declaring total income of Rs. 1,....

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....account open in the name of M/s. Jay Ambe Silk Mills and has shown gross profit of Rs. 16,858/-. The assessee offered net profit of Rs. 15,315/- with respect to this account. The assessee offered net profit of Rs. 1,125/- in respect of the turnover of M/s. Ridhi Sidhi Silk Mills (Rs. 98,950/-). The assessee submitted the evidences after taking cognizance of the same the Assessing Officer held that....

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.... DR relied upon the assessment order and the order of the CIT(A). 7. We have heard both the parties and perused all the relevant materials available on record. The assessee himself submitted before the CIT(A) that it has disclosed profit @ 12.7% of the turnover of Rs. 16,83,000/- from the business. The appellant himself stated that out of Rs. 32,67,253/- only Rs. 16,83,000/- were considered as ....