TaxTMI 
TaxTMI 
2026 (4) TMI 1881
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....delay of 15 days. In response thereof, the Assessee has filed an application, seeking condonation of delay in filing of the appeal on the ground that the assessee was unaware of the fact that NFAC passed order u/s. 250 of the Income Tax Act, 1961 (in short 'the Act') was merely uploaded on E-Portal and was not served by other modes, the consultant of the applicant, on login, came to know about order dated 19.08.2025 in which advised the applicant to file an appeal before ITAT, Agra. Due to this, there occurred delay in filing of appeal. 2.1 He submitted that thereafter, assessee immediately contacted his tax counsel to take action in this regard. In support of this, he filed an affidavit which is placed on record. Accordingly, he prayed ....
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....tion 133(6) of the Act, only a few sundry debtors responded to the same and the Assessing Officer noticed the following discrepancies as under: Name of Sundry Debtors PAN Sales as per assessee Response to 133(6) notices received from third party Sumit Yadav AEPFS8003J 6053095.92 We have no transaction with KNP associates 10, Panchwati Colony, Vinay Nagar, Bodla, Agraduring financial year 2019-20, 2020-21 and 2021-22. K P Associates AAYFK8322K 7134351.96 Since our date of incorporation is 01-04-2022 hence question of transaction with KNP associates does not arise. Karuna Traders AAYFK6722H 2215368.15 The firm Karuna traders was established on 10.03.2022 and actual business operation started fro....
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....Act. The appeal filed by the Appellant has been dismissed for non-prosecution. No findings have been given on merit, therefore the impugned order is liable to be quashed. 3- BECAUSE, upon the facts and in overall circumstances of the case the order passed by the ld Assessing officer dated 15.03.2024 is bad in law and on facts, as the same has been passed hurriedly without properly appreciating the facts of the case. 4- BECAUSE, upon the facts and in overall circumstances of the case the ld AO has erred in law in invoking provisions of section 145(3) of the Act, as there were no any such conditions exist in this case, as mentioned in sub section (3) of section 145 of the Act. 5- BECAUSE, upon the facts and in overa....
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....ently invalid, incorrect and unjustifiable. How can increase in sale may have an effect of reduction in profit. 8- BECAUSE, upon the facts and in overall circumstances of the case, the Id AO has erred in law and on facts in invoking provisions of section 145(3) of the Act. The Id AO, even after rejecting the books of account by invoking section 145(3) had accepted the Sale amount disclosed in financial statements and estimated the net profit at 3 percent on declared turnover of Rs. 49,87,18,620.00 in place of 0.49 percent disclosed in audited financial statements. 9- BECAUSE, upon the facts and in overall circumstances of the case, the ld AO has erred in estimating the net profit at 3 percent on declared Sales without assi....
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....it declared by the assessee is after providing for partner's remuneration and interest on capital, accordingly, the profit declared by the assessee after such partner's remuneration comes to 0.49%. He submitted that the assessee has declared 1.6% of the profit before declaring appropriation of above said profit. Therefore, the assessee has declared better net profit during this year compared to previous two assessment years which is at 0.78% and 0.89% respectively. Further, he brought to our notice gross profit earned is less because it is controlled price. And he prayed that the reason for rejection of books is bad and estimation of income is also not proper and justified. 8. On the other hand Ld. DR brought to our notice page 3 of the ....