TaxTMI 
TaxTMI 
2026 (7) TMI 782
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....assed under section 143 (3) of the Act on 30 September 2021 by the DCIT, Central Circle - 1 (1), Bangalore was dismissed. Therefore assessee is aggrieved and has preferred this appeal. 02. At the first instance the Registry has pointed out that the appeal filed by the assessee is time barred by 161 days for the reason that the order of the ld. CIT(A) was received by the assessee on 13 December 2024 however the appeal was filed by the assessee on 8 August 2025. 03. The assessee has filed a petition for condonation of the delay. The reason stated by the assessee is that the assessee was not aware of the passing of the appellate order as the registered email ID on the portal was pertaining to the earlier auditor and the petitioner was no....
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....adopted in condoning the delay. 05. The ld. Sr. DR, Shri Balusamy N., JCIT vehemently submitted that the delay of 161 days in filing of the appeal is not for the sufficient cause and therefore the same need not be condoned and appeal of the assessee deserves to be dismissed without admitting. 06. We have carefully considered the rival contention and perused the condonation petition filed by the assessee. We find that the assessee has not received the appellate order. The email address mentioned in the form No. 35 admittedly was of the auditor of the company/assessee and not of the assessee itself. The assessee came to know about the existence of such appellate order where the appeal of the assessee was dismissed, only when he logged i....
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.... assessee on 31st of August 2019 at a total income of Rs. 5,157,750. The return was picked up for scrutiny and notice under section 143 (2) of the Act was issued on 29 September 2020. The only issue is that during the survey proceedings it was observed that the assessee was not maintaining cash book and a physical cash of Rs. 155,050/- was found in the business premises of the assessee. The assessee explained the source of the physical cash found in the premises unsatisfactorily and therefore the ld. AO made the addition of the same income invoking the provisions of section 69A of the Act. Further during the course of survey proceedings stock difference of Rs. 4,715,331 between the physical stock available in the premises and the stock main....
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....per the balance sheet and the profit and loss account it was submitted that that the disclosure made in the survey proceedings were shown in the profit and loss account as excess sales and excess of stock as a business income. She further referred to the computation of the total income showing that the assessee has offered profits and gains of business or profession of Rs. 5,225,910 which also included the above sum. She further referred to the statement made by the Karta of HUF of assessee during the course of survey wherein in answer to question No. 6 it was answered that the assessee would declare total sum of Rs. 4,865,331 as his additional income. She further referred to the inventory of the jewellery to show that these are all busines....
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....dered the rival contention and perused the orders of the learned lower authorities. The only issue involved in this appeal is there is an excess cash of Rs. 1,50,000 as well as the excess stock of Rs. 4,715,331 found during the course of search in case of a jeweller at his premises during the course of survey under section 133A of the Act, whether such sum can be added under section 69A of the Act when the assessee has disclosed the same as its business income in the return of income as well as offered the same in the computation of income under the head profits and gains of business. When during the course of survey, the assessee was asked about the excess cash found as well as the gold and silver jewellery stock difference, it was the ans....
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....business income of the assessee. 13. The learned CIT - A has relied upon the decision of the Hon'ble Madras High Court in case of SVS Oil Mills in appeal No. 765 of 2018 wherein it was held that the three lower authorities have given a finding of the facts against the assessee and on the admission of the assessee during the statement recorded under section 131 of the Act as well as before the lower authorities. However we find that in the present case before us the assessee has shown that the surplus stock was clearly identified at the time of survey and entries were passed in the books of accounts for the value of such stock which has been also disclosed in the profit and loss account as other income. The decision of the Hon'ble Madras ....