2026 (8) TMI 1036

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....ssed by the Assessing Officer u/s 143(3) of the Act, on 30.11.2019. 2. The grounds of appeal raised by the assessee, are as follows: "1. On the facts and circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of the Ld. Assessing Officer in making additions amounting to Rs. 32,28,900/-. 2. "Even otherwise, the assessing officer/CIT(A) ought to have considered the total turnover of Rs. 56,30,480/- and adopted the estimation of profits at 6% as per presumptive taxation u/s 44AD of the Act which works out of Rs. 3,37,829/-, as against the income of Rs. 1,59,605/- declared in return of income." 3. Assessee craves leave to add, alter or delete any ground(s) eit....

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....sing officer, therefore, assessee is in further appeal before this Tribunal. 5. I have heard, both the parties and carefully gone through the submission put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the fact of the case including the findings of the ld CIT(A) and other materials brought on record. Learned Counsel for the assessee argued that the Receipt of Rs. 32,45,400/- and Expenses of Rs. 32,28,900/- (which is claimed as deduction under section 57) under the head "Income from other sources" in the income tax return (ITR) is nothing but the Business Receipts and Business expenditures of the Assessee. Instead of as reporting the entire business receipts and business exp....