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TMI Blog2018 (6) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... der the facts and grounds narrated in ITA No.112/Ran/2017, wherein the assessee has raised the following grounds :- 1. For that Ld. A.O. estimated profit of 2.5% on the sales disclosed by the appellant. Appellant is a wholesaler in electronic and solar energy articles. Appellant disclosed a net profit of 1.4%. The Books of Accounts are fully verifiable, audited Profit & Loss A/c was filed. Ld. A.O. applied provision of Section 145(3) on the ground that the appellant did not furnish required details of sundry creditors. The estimate of.profit made is unjustified, arbitrary and illegal. 2. For that appellant had maintained a bank account in which certain deposits were made which were considered as additional turnover of the appellant. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 2007-08 the assessee had not disclosed two bank accounts Indusind bank bearing account No.0068-H02143-001 and State Bank of India bearing account no.30303761141. After obtaining prior approval from JCIT, Range-3 Jamshedpur, the proceeding under section 148 of the Act was initiated. The notice u/s.148 of the Act was issued to the assessee. In compliance the assessee appeared and submitted copy of ITR-V(Acknowledgement) of his return of income which was filed on 31.10.2007. The assessee also produce d copy of computation of income and audit report with profit and loss account and balance sheet declaring total income at Rs. 2,11,900/-. Subsequently, the AO issued notice u/s.143(2) and 142(1) of the Act to the assessee and in compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the business or turnover which was estimated on the basis of bank deposits. Ld.AR also submitted that the CIT(A) has passed the impugned order ex-parte, therefore, he prayed for allowing the appeal. 7. Contra, ld.DR relied on the orders of lower authorities. 8. We heard the rival submissions and perused the material on record. Prima facie, we find that the assessee has not appeared before the CIT(A) nor he has furnished any details before him, therefore, the CIT(A) passed the ex-parte order. Ld.AR before us submitted that the assessee has filed all the relevant details before the AO and produced the books of accounts, however, the AO rejected the books of accounts and made the addition. On appeal, the CIT(A) enhanced the addition made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Prima facie the disputed issue, being charging of interest u/s.234B as envisaged by ld. AR, is covered by the decision of Hob'ble jurisdictional High Court in the case of Ajay Prakash Verma in ITA No.38 of 2010 reported in 2013(1) TMI 140. The Hon'ble Court in Para23&24 held as under :- "23. Learned counsel for the appellant submitted that it has been ordered by the AO that interest be charged as per rule. Interest can be levied under Section 234A and 234B of the Act. It is submitted that in view of the judgment of Full Bench of Ranchi Bench of Patna High Court delivered in the case of Smt. Tej Kumari Vrs. Commissioner of Income-tax reported in [2001] the interest cannot be levied over the assessed income and it can be levied only on t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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