TaxTMI 
TaxTMI 
2022 (12) TMI 944
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.... both these appeals, therefore, for the sake of convenience these were heard together and are being disposed-of by this common order. 2. There is a delay of one day in filing of both the appeals by the assessee for which the assessee has filed condonation application along with affidavit explaining the reasons for such delay. After considering the contents of the condonation applications and after hearing the ld. DR the delay in filing of both the appeals by one day is condoned and both the appeals are admitted for adjudication. 3. Both these appeals were earlier dismissed by the Tribunal for want of prosecution. However, the Tribunal subsequently vide order dated 10.06.2022 in M.A.77 to 79/Hyd/2022 recalled its earlier orders. Hence, the....
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....ous explanations given by the assessee and observing that the assessee in his reply dated 20.11.2018 has conceded the net profit @5%, the AO applied the profit rate of 8% on the turnover of Rs.1,78,87,500/- and thereby worked out the profit of Rs.14,31,000/-. After considering the income already declared by the assessee at Rs.4,66,000/-, the AO made addition of Rs.9,65,000/- being the difference between the profit estimated by him and the profit declared by the assessee. 7. The AO further noted that assessee had shown agricultural income of Rs. 1,05,000/- for the impugned assessment year. However, the assessee has not claimed any agricultural expenses as deduction. He, therefore, asked the assessee to furnish details of crops grown, sold a....
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....rrect and proper in sustaining addition of Rs.52500/- out of agricultural income admitted. The appellant filed VRO's certificate before CIT(A). The Learned Assessing officer is not correct in not considering it. The appellant craves leave to file additional statement of facts if necessary in support of grounds of appeal at the time of hearing. 10. The assessee also raised the following additional ground. The Assessing Officer and the Commissioner of Income Tax (Appeals) are not justified in making any addition while completing the assessment under section 153C of Income Tax Act without any material found during the course of search and seizure operations. 11. However, the ld.counsel for the assessee at the time of hearing did not ....
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.... ld.CIT(A) and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the assessee in the instant case is engaged in liquor business and did not maintain any books of accounts nor produced any such books of accounts either during the course of search or post search enquiries or during the course of assessment proceedings for which the AO estimated the profit at 8% of the turnover. We find the assessee before the ld.CIT(A) has requested for restricting the profit @5% of the turnover vide its letter dated 20.11.2018. Under these circumstances, when the ld.CIT(A) estimated the profit @5% of the turnover, the same in our opinion is justified and the assessee now cannot plead to res....
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....receipt of sale proceeds of the agricultural produce, the parties to whom sold and proof of expenditure incurred if any etc, the AO restricted the agricultural income to 50% of the income shown at Rs.1,05,000/- and accordingly, made addition of Rs.52,500/- treating the same as income from other sources. We find the ld.CIT(A) after admitting the additional evidences in the shape of certificate from VRO regarding agricultural income along with other documents and considering the remand report of the AO sustained the addition made by the AO. It is the submission of the ld. counsel for the assessee that since the assessee has filed the copy of the certificate from VRO regarding the agricultural income along with other documents and the agricult....
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....t, the appeal by the assessee is partly allowed. ITA No.1623/Hyd/2019 for AY 2016-17 19. The grounds raised by the assessee are as under:- The Learned Commissioner of Income Tax (Appeals), is not legally correct and proper in not allowing the appellant's prayer. Liquor Business: The Learned Commissioner of Income Tax (Appeals) has adopted income at 5% on liquor sales. The jurisdictional AO at Madanapalle has adopted at 3% in another cases. The appellant prays that 3% on sales be adopted on sales. Agricultural income: Addition Rs.5,25,000/-. The Learned Commissioner of Income Tax (Appeals) is not correct and proper in sustaining addition. The VRO certificate was filed in support of agricultural income which is realistic. Hence ad....