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2021 (7) TMI 799 - AT - Income TaxValidity of the reopening of the assessment u/s 147 - validity of the assessment on the grounds of the service of notice u/s 148 - HELD THAT:- AO has stated in the assessment order that the notice u/s 148 of the Act issued on 08.08.2014 was received by assessee on 22.08.2014 - the assessee has not disputed the correctness of the address to which the notice was sent by AO as well as in the absence of any contrary fact or material to despite the fact recorded by Assessing Officer we do not find any merits or substance in the objection of the assessee raised in the ground nos. 1 to 3. The assessee has just raised the objection against reopening of the assessment without specifying as to how the reopening is invalid. Therefore, the objection of the assessee or devoid of any merits or substance and the same are dismissed. Addition on account of cash deposit made in the bank account by assessee as well as the estimation of income on the transactions carried out with the ‘Multi Commodity Exchange’ (MCX) - HELD THAT:- The details of the cash deposit made on various dates has been given by Assessing Officer of the assessment order. The assessee has not disputed the dates and amount of deposits extracted in the table reproduced by AO in the assessment order. In the absence of any explanation regarding source of these deposits, the Assessing Officer has rightly made the addition of the said amount while completing exparte assessment. Even before the CIT(A) as well as before this Tribunal, the assessee has not furnished any details or explanation regarding the source of these deposits. Hence, no error or irregularity in the orders of the authorities below on the issue of addition made on account of cash deposit in the bank account. As regards the addition made by Assessing Officer on account of income from transactions carried out on ‘Multi Commodity Exchange’ (MCX) it is noted that the CIT(A) has restricted the said addition by applying profit rate @ 1% as against 8% applied by Assessing Office. The CIT(A) has sustained the addition on this account only to the extent of ₹ 19,667/- as against ₹ 1,57,335/- estimated by Assessing Officer. The assessee has not filed any details or record to controvert the fact that he has carried out the transactions on ‘Multi Commodity Exchange’ (MCX). The estimation of income by CIT(A) by applying net profit at 1% is just and proper. Accordingly, find no reason to interfere with the order of the CIT(A) on this issue. Appeal filed by the assessee is dismissed.
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