TMI Blog2018 (2) TMI 1577X X X X Extracts X X X X X X X X Extracts X X X X ..... e assume that the alleged cash deposits made by the assessee are also the part of business/ contract receipts. Certainly when the business receipts are towards road construction business only the profit element can be subject to tax. Thus when both the parties are unable to prove their stand in full, deem it proper to estimate net profit rate @8% on the alleged cash deposit/business receipt of ₹ 89,35,000/- in order to meet the ends of justice. We accordingly do so and confirm the addition at ₹ 7,14,800/- as against the addition of ₹ 89,35,000/- made by the Assessing Officer. - Decided partly in favour of assessee. - I.T.A. No.06/JAB/2015 - - - Dated:- 8-11-2017 - Shri Manish Borad, Accountant Member And Shri Partha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for purchasing material and payment to labourers for contract work and assessee is not doing any business but is merely a supervisor. However, the Assessing Officer was not satisfied because of the non attendance of Shri Kailash Singh in response to the summons issued. He accordingly added ₹ 89,35,000/- to the income of the assessee as unexplained cash deposit and assessed the income at ₹ 90,24,350/-. Aggrieved, the assessee filed appeal before the CIT(A) but failed to succeed on the addition made u/s 69A of the Act. Now the assessee is in appeal before the Tribunal. 3. Learned counsel for the assessee referring to the paper book submitted that there was agreement between the assessee and Shri Kailash Singh for the nature of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ource of investment or application is not known. 5.1 We also find that the source of cash deposit in the alleged bank account of the assessee is out of the cash withdrawals from the accounts of Shri Kailash Singh. The Revenue has not disputed the fact that Shri Kailash Singh is a contractor engaged in road construction and in the year under appeal he had been awarded the contract work of Pradhan Mantri Gram Sadak Yojana, Distt. Panna. Perusal of the credit entries in the bank account of Shri Kailalsh Singh placed at pages 8 to 10 of the paper book, reveals that regular account payee cheques have been credited in the bank account of Shri Kailalsh Singh which are on account of contract /business receipts for road construction. This proves ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
