9911796707
TMI Blog2021 (12) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... filed for condonation of delay, wherein the Id. counsel for the assessee has stated that the delay is due to circumstances beyond his control. Hence, the delay may be condoned. 3. On the other hand, the Id. D.R has not raised any serious objection. 4. I have gone through the affidavits filed by the assessee and find that there is a sufficient cause prevented by the assessee not to file appeals in time. In my opinion, it is a fit case to condone the delay in both the appeals. Accordingly, the delay of 57 days in filing of both the appeals are condoned and the appeals are admitted for adjudication. ITA No.3463/Chny/2019: 5. The brief facts of the case are that the assessee is an individual carrying on retail business in pipes and other h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also taken loans from Lakshmi Vilas Bank through OD and other loan of about Rs. 60,00,000 and Rs. 26,00,000 and the same were withdrawn from the loan amount and in cash to meet some urgent expenses to be incurred. The AO however not accepted the explanation and without giving any reasons, proceeded to estimate 40% of the cash balance as not explained and brought to tax after allowing closing cash balance of the previous year. The appellant further submitted that he maintains the hooks of accounts- in his regular course of business which were duly audited and the cash balance was arrived at from the hooks of accounts only and it was neither notional or imaginary. The turnover of the year was more than Rs. 2.5 Crores and major sales are ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the authorities below. The A.O has made addition of Rs. 48,50,100/- being 40% of cash balance shown in the balance sheet as income of the assessee. According to the A.O, cash balance shown by the assessee of Rs. 46,83,255/- is on the high side and therefore, on the above amount 40% i.e., Rs. 18,50,100/- was treated as income of the assessee. On appeal, the Ld. CIT(A) granted partial relief to the extent of Rs. 10,62,600/-. I find that the assessee is maintaining the books of accounts and the same were audited u/s. 44-AB of the Act. The turnover of the assessee for the year under consideration as submitted by the assessee before the Ld. CIT(A) is at Rs. 2.5 crores and the major sales are cash sales only and obviously generates ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
