TMI Blog2018 (2) TMI 1578X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of difference between the amount shown in the bank account maintained with Allahabad Bank and the amount shown in the books of accounts of assessee. On appeal, the CIT(A) confirmed the action of AO. As the original assessment u/s.143(3) was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of ₹ 49, 10, 212/-. It is trite law that once the books of accounts of the assessee are rejected, the same cannot be relied for making addition u/s.69 - Decided in favour of assessee. - ITA No.190/CTK/2017 - - - Dated:- 29-11-2017 - Shri N. S. Saini, Accountant Member For the Assessee : Shri S.S.Padhy, AR For the Revenue : Shri D.K.Pradh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04/02/2014 148 To furnish return of income within one month Duly served by hand Request to treat the return original return u/s.148 03/06/2014 142(1) 16/06/2014 Notice returned back unserved 19/06/2014 142(1) 25/06/2014 Duly served by hand No compliance 13/08/2014 142(1) 25/08/2014 Duly served by Speed Post No compliance 22/09/2014 Show cause with 142(1) 29/09/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the closing balance as per books of accounts and bank pass book during the course of appeal hearing. 6. Ld. AR of the assessee submitted that the original assessment u/s.143(3) of the Act was made on 23.12.2011 by rejecting the books of accounts of the assessee and estimating the income by applying rate of 8% to the gross contract receipt of ₹ 49, 10, 212/-, thereby arriving at an income of the assessee at ₹ 3, 92, 816/-. He submitted that when the AO has rejected the books of accounts of the assessee and made an estimate of the income then on the basis of the very same books of account he cannot reopen the assessment u/s.147 of the Act and make addition of ₹ 1 lakh u/s.69 of the Act on the ground of difference in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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