TaxTMI 
TaxTMI 
2023 (2) TMI 1460
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....ed ("the assessee") for the assessment years 2015-16 & 2016-17, both the assessee and the Revenue preferred these appeals. For the sake of convenience, we dispose of these appeals by way of this common order. 2. There was a search and seizure operation on 24/12/2014 in the case of Sri Sri Gruha Nirman India Pvt. Ltd. pursuant to the notice issued under section 153A of the Income Tax Act, 1961 (for short "the Act") the assessee filed the return of income on 30/9/2015 declaring an income of Rs. 96,98,160/- comprising of business income. Learned Assessing Officer, by way of order dated 30/12/2016 passed under section 143(3) of the Act determined the income of the assessee at Rs. 3,64,52,460/- after making certain additions, more particularl....
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....an order of the Ld. CIT(A) was appealed against, a Co-ordinate Bench of this Tribunal by order dated 27/7/2018 in ITA Nos 2237 to 2241/Hyd/2017 upheld the method of estimation of suppressed turnover by rejecting the grounds raised by the assessee, but while confirming the suppressed turnover, restricted the same to Rs. 7,90,46,385/- for the assessment years 2010-11 to 2015-16, which includes a sum of Rs. 2,77,09,435/- allocable for the assessment year 2015-16, and directed the learned Assessing Officer to estimate the income and 12.5% of such suppressed turnover. 6. Ld. AR submitted that against such an order passed on 27/7/2018 in ITA No. 2237/Hyd/ 2017 and batch, has been challenged by both the parties and the appeals are pending befor....
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....e of search stated that the payments were not recorded in the books of accounts and, therefore, such payments remained undisclosed. Submission of the assessee is that the Ld. CIT(A) also did not look into the contentions made by the assessee in the letter, a copy of which is to be found at page No. 28 of the paper book, but simply brushed aside such submissions. Grievance of the assessee now essentially is that though the Managing Director of the assessee company might have stated that such payments were not recorded in the books, but when once the assessee makes an attempt to establish that such payments were in fact recorded in the books, not looking into that aspect does not seem to be correct to reject the contentions of the assessee. ....
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....t page No. 47 of the paper book and submits that though all these documents were filed before the learned Assessing Officer and such a fact is brought to the notice of the Ld. CIT(A), both of them failed to consider the contention of the assessee in its proper perspective stating that the cash book might have been prepared subsequently, as supported by the fact that the Managing Director of the company could not explain the source of such cash. 12. Again on this aspect the submission of the assessee is that the hard disk of the computer of the assessee is available with the Department and the assessee furnished all the books of accounts and therefore, it will only be a matter of verification at the end of the authorities to know the trut....
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....of Grounds No. 3 to 6 that vide these grounds the assessee challenged the method of estimating the undisclosed turnover, quantification thereof and the income component relatable to such suppressed turnover. 17. Revenue is in appeal for this assessment year aggrieved by the direction of the Ld. CIT(A) to estimate the income of the assessee at 12.5% of the alleged suppressed turnover, however, with a delay of 100 days, and the reason for delay is attributed to the pandemic. As a matter of fact, though the learned DR does not concede to condone the delay, there is no denial of the fact that the Hon'ble Supreme Court in the Suo Motu proceedings in the case of M.A. No. 21/2022 in M.A. No. 665/2021 in SMW(C) No.3 of 2020 by order dated 10....