2025 (3) TMI 2272

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....None For the Revenue : Shri Sukesh Kumar Jain - Ld. CIT-DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. The assessee is in further appeal before us against quantum additions as well as against penalties as levied by lower authorities. The revenue is also in further appeal against relief granted by Ld. CIT(A) on quantum additions. At the time of hearing, none appeared for assessee ....

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....re also added u/s 69A. The assessee earned contractual receipts of Rs. 0.30 Lacs against which Ld. AO estimated income at 8%. The assessee earned interest of Rs. 0.51 Lacs which was added as income from other sources. The Tax Auditor reported income of Rs. 13.43 Lacs. After adding all these components, Ld. AO determined total income of Rs. 470.93 Lacs on best judgment basis. 3. The Ld. CIT(A), ....

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....sh withdrawals were out of trading receipts. However, the income from trading activities has not been estimated. Therefore, we estimate the same at 5% of withdrawals of Rs. 406.66 Lacs. The addition of cash deposit for Rs. 50.30 Lacs is sustained since the assessee has failed to establish the sources thereof. The addition as sustained by us would be subjected to normal rate of tax in terms of deci....