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TMI Blog2023 (4) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... met an accident few days ago and his leg is injured seriously, therefore, further time be given. However, we find that repeated adjournments are being shown by the assessee on more than 15 occasions, therefore, we did not deem it appropriate to grant an adjournment and proceed to decide the appeal ex-parte. 3. The assessee has taken seven grounds of appeal alongwith sub-grounds therein, but his grievances revolve around three issues and we take them in seriatim. 4. The first grievance is that the ld. Assessing Officer has made an addition of Rs.24,94,221/-, which has been confirmed by the ld. CIT(Appeals). The finding recorded by the ld. CIT(Appeals) on this issue is as under:- "Ground No.l This ground is against addition of Rs.24,94 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sited in undisclosed bank a/c. Assessee offered a sum of Rs.6,03,762/- out of such sales. The offer of assessee has no basis. The AO had been lenient enough in taxing the probable profit from sales reflected in deposits in the undisclosed bank accounts. He had taken the profit @ 8% on the sales. I am of the considered view that 8% is a fair estimate of net taxable profit. Addition is confirmed. Ground No. 1 is dismissed". 5. A perusal of the above finding would reveal that there was huge deposits of Rs.3,98,68,655/- in the Bank account of the assessee. The ld. Assessing Officer has treated the net amount as undisclosed business receipt at Rs.3,1177,632/-. On this amount, he estimated the profit at 8% and made an addition of Rs.24,94,221/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is to be given of Rs.6,03,762/-. In other words, at 4%, the total addition will be Rs.12,47,110/- out of this Rs.6,03,762/- is to be further reduced [Rs.24,94,221/2 =Rs.12,47,110/- minus Rs.6,03,762/-] =Rs.6,43,348/-. A net addition of Rs.6,43,348/- is retained in place of Rs.24,94,221/-. 6. In the next fold of grievance, the assessee has pleaded that the ld. CIT(Appeals) has erred in confirming the addition of Rs.60,000/-. 7. The facts regarding this issue are observed by the ld. CIT(Appeals) are as under:- "Ground No.2 The ground is against addition of Rs.60,000/-. 5.1.According to the AO, contract receipt of assessee was Rs.75,25,097/- per 26AS- However, contract receipt shown in return was Rs.70,25,097/- only. Befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipt on which profit is to be worked out. The revenue authority failed to find out any fault in this submission. They simply rejected. It is to be demonstrated from the details that the assessee has received the complete money and failed to offer income of the differential amount. Therefore, this fold of ground of appeal is allowed and the addition of Rs.60,000/- is deleted. 9. In the next fold of contention, the grievance of the assessee is that the ld. CIT(Appeals) has erred in confirming the addition of Rs.3,529/-. According to the ld. Assessing Officer, the assessee earned commission income of Rs.12,479/- but disclosed only a sum of Rs.8,950/- in the return. The balance was not offered, hence, it is added. The ld. Assessing Officer has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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