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TMI Blog2017 (3) TMI 681X X X X Extracts X X X X X X X X Extracts X X X X ..... n that day. 02-04-2016 and 03-04-2016 being public holidays, the appeal could be filed only on 04-04-2016. Thus, there was a delay of three days. Considering the prayer and objections of the Ld.DR, the three days delay is condoned and appeal is admitted. 2. Briefly stated, assessee is engaged in the business of retail trade in liquor. He filed return of income of Rs. 3,20,180/-. The Assessing Officer (AO) has examined assessee's transactions and found that assessee did not comply with the direction for production of books of account, therefore, invoked the ITAT order in another case and estimated the profit at 25% on the purchases and income was estimated at Rs. 5,50,715/-. In addition to that, AO also found that assessee is having an SB A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Assessee is aggrieved on the above direction. With reference to the deposits in the bank account, after considering assessee's submissions that there are withdrawals in the earlier year to an extent of Rs. 8 Lakhs (drawn on 22-03-2008) and the payments to AP Beverage Corporation are fully recorded in the books of account, the Ld.CIT(A) gave a finding that the sequence of transactions is that deposits were followed by withdrawals and not withdrawals by the deposits. Therefore, the entire cash deposits made in the bank account represents the suppressed income of the appellant. The addition was accordingly confirmed. Assessee is also aggrieved on the above confirmation of the amount. 4. It was the submission of the Ld. Counsel that assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,31,192 24-07-2008 4,31,192 -- 4,00,000 31,192 29-07-2008 31,192 -- 50,000 (18,808) 06-08-2008 (18,808) 3,00,000 -- 2,81,192 13-08-2008 2,81,192 -- 15,000 2,66,192 27-08-2008 2,66,192 -- 15,000 2,51,192 02-09-2008 2,51,192 -- 50,000 2,01,192 11-09-2008 2,01,192 -- 2,00,000 1,192 19-12-2008 1,192 60,000 -- 61,192 5. Ld.DR, however, relied on the orders of the AO and CIT(A) and submitted that assessee has maintained an unaccounted bank account, the transactions of which are not reflected in the books of account. It was submitted that there is enough evidence that assessee has earned incomes outside the books of account. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and I am of the view that assessee has not made out any case to differ from the estimation of profit at 5% on cost of stock put to sale, subject to income from the business is not less than the profit earned as per the P&L A/c. 7. With reference to the cash deposits in the bank account, it was the contention that assessee has withdrawn an amount of Rs. 8 Lakhs on 22-03-2008, which was available for deposit subsequently made. Assessee also furnished a peak working to justify the total addition is not warranted. As seen from the bank account, there are deposits and withdrawals which may be pertaining to the business. But assessee chose not to reflect the transactions in the books of account or in the statement of accounts, till it was pointe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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