2026 (8) TMI 125

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.... 1. The appeal in ITA No. 195/AGR/2026 for AY 2019-20, arises out of the order of the ld National Faceless Appeal Centre, Delhi [hereinafter referred to as 'ld. CIT(A)', in short] dated 02.12.2025 against the order of assessment passed u/s. 147 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 25.01.02024 by the Assessing Officer, Assessment Unit, Income Tax Department (here....

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....der u/s. 148A(d) of the Act was passed on 25.03.2023 stating that the income to the extent of Rs. 4,17,20,374/- had escaped assessment for AY 2019-20. Notice u/s. 148 of the Act was issued on 25.03.2023. In response to the said notice, the assessee filed return of income for AY 2019-20 on 14.10.2023 showing income of Rs. 2,86,010/-. The assessee is engaged in the wholesale trading of milk. The ass....

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....of the Act on 25.01.2024 estimating the net profit of the milk selling business @3% of turnover and made an addition of Rs. 3,17,818/- to the business income. It is pertinent to note that no addition was made either on account of cash withdrawals of Rs. 3,93,90,374/- are on account of cash deposits of Rs. 23,30,000/- which were subject matter of order u/s. 148A(d) of the Act dated 25.03.2023 while....