9911796707
TMI Blog2018 (9) TMI 2092X X X X Extracts X X X X X X X X Extracts X X X X ..... ows: 1. On the facts and in the circumstances of the case as well as law on the subject, the learned commissioner of the Income Tax (Appeals) has erred in confirming the action of the assessing officer and calculating of peak credit balance of Rs.74,494/-. 2. On the facts and in the circumstances of the case as well as law on the subject, the learned commissioner of the Income Tax (Appeals) has erred in confirming the action of the assessing officer and calculating of gross profit of Rs.3,15,190/-, which is product of 26.62% of turnover of Rs. 11,84,036/- (Between the period of 07.07.2005 to 31.03.2006 of bank statement). ITA No.571/Ahd/2015/ SRT for AY 2006-07: 3. Both the parties agreed to the situation that the facts and circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to the above, the ld. Departmental Representative (DR) supported the orders of the authorities below and submitted that the AO was right in making addition and the ld. CIT(A) has considered entire facts and circumstances and was right in giving part relief to the assessee. The ld. DR further pointed out that from para 6.2 of the first appellate order, it is clear that the ld. CIT(A) has taken peak and after considering the GP rate of 26.62% on the declared turnover of Jari business of the assessee made addition of GP on undisclosed turnover at Rs. 3,89,684/-, which is quite reasonable and justified therefore, impugned order may kindly be upheld. 6. Placing rejoinder to the above, the ld. AR submitted that the assessee made sales in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee belongs to a category of trader which falls within the ambit of provision of s. 44AD of the Act having turnover of less than Rs. 40,00,000/-. As per provision of s. 44AD of the Act, 8% of turnover or gross receipts of the assessee in the previous years on account of such business shall be deemed to be the profits and gains of such business chargeable to tax under the head "profit and gains of business or profession". From the para 6.2 of the order of ld. CIT(A), the peak balance during the relevant period was Rs. 74,494/- which has not been disputed by the parties and as per order of Tribunal in assessee's own case for AY 2008-09 dated 09.12.2015 (supra) peak has to be treated as income of the assessee. However, the Tribunal has up ..... X X X X Extracts X X X X X X X X Extracts X X X X
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