2025 (3) TMI 2305

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....yogi Ambadkar - Addl.CIT ORDER PER DR. MANISH BORAD, AM: This is an appeal filed by the assessee against the order of ld.Commissioner of Income Tax(Appeals)[NFAC] for Assessment Year 2017-18 dated 25.10.2024 passed u/sec.250 of the Income tax Act, 1961. 2. The sole grievance of the assessee is that ld.CIT(A) erred in confirming the addition of Rs. 19,74,560/- made by the Assessing Offi....

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....riod. The Assessing Officer concluded the assessment by making the addition only for cash deposits of Rs. 13,74,150/- deposited in the bank account held by the assessee during the Demonetization period. 3. Aggrieved assessee preferred appeal before the ld.CIT(A) and furnished the details including VAT Returns showing turnover of Rs. 75,00,094/-. Further, ld.CIT(A) was not satisfied with the sub....

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....able under the Presumptive Taxation Scheme under section 44AD of the Act. 5. On the other hand, ld.DR for the Revenue supported the order of the Lower Authorities. 6. We have heard rival contentions and perused the record placed before us. The ld.CIT(A) affirmed the action of the Assessing Office making the addition for unexplained cash deposit of Rs. 13,74,500/-. We notice that the Assessin....

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....idering the facts of the case, we are satisfied that the source of deposits in the bank account held by the assessee are from business receipts from his sole property concern and the same is duly supported by the documentary evidence. However, considering the fact that assessee had not filed ITR, we therefore, deem it appropriate to estimate the Net Profit @ 8% of the total turnover of the assesse....