9911796707
TMI Blog2018 (9) TMI 2091X X X X Extracts X X X X X X X X Extracts X X X X ..... en filed by the Assessee against the order of Commissioner of Income Tax (Appeals)-II, Surat ('CIT(A)' for short) dated 03.12.2015 for the Assessment Year (A.Y) 2008-09. 2. The ld. Assessee's Representative (AR) submitted that the assessee does not want to press ground no.1, hence, the same is dismissed as not pressed. The remaining sole ground raised by the Assessee reads as follows: "On the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the respective purchasers in the branch of their locality and assessee withdraw the same which is further used for making payment to the suppliers of the goods which was sold to the purchasers located in the South India. The ld. AR submitted that since the assessee undertook turnover of Rs. 18,37,895/- during the entire relevant period which was received by way of deposit by the purchasers to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y confirmed by the ld. CIT(A) hence, no interference is required in the orders of the authorities below. 5. On careful consideration of above rival submissions, the ld. AO as well as the ld. CIT(A) has not disputed the fact that the assessee is in the Jari sale business and he is selling goods to the purchasers located in the south India and except amount deposited to his bank account no other tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business or profession". From the copy of bank account, it is discernable that the assessee has withdrew and deposited very small amounts and the peak was Rs. 34,623/- as on 18.03.2008, but the same cannot be treated as the only income earned from the Jari business of the assessee. However, keeping in view the provision of s. 44AD of the Act and amount of turnover undertaken by the assessee during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, balance reached to Rs. 20,401/-. Hence, we observe that there was a very meager amount of Rs. 401/- in the beginning of financial year and hence, the peak of Rs. 34,623/- as on 18.03.2008 is also be treated as an amount of undisclosed investment of the assessee for conducting Jari business as no business can be done without any capital. Therefore, AO is also directed to make addition of peak am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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