9911796707
TMI Blog2024 (8) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... tes u/s. 69A of the Act and estimation of income at 8% of turnover of Rs. 85,22,740. 3. Briefly stated the facts of the case are that under Operation Clean Money, it was noticed that assessee had deposited cash in his bank account of Rs. 12,47,000 during the demonetisation period from 9.11.2016 to 30.12.2016 in Andhra Bank, Pulivendla Branch, Andhra Pradesh and assessee had not filed return of income. Notice u/s. 142(1) was issued against which assessee did not comply and subsequently other notices were issued on different dates, but there was no response from assessee's side. Accordingly the AO was bound to proceed exparte. The AO called bank statement u/s. 133(6) of the Act on 25.07.2019 which was provided and it was noticed from the det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ji Enterprises at Pulivendula, Kadapa Dist. Andhra Pradesh and due to communication gap as he was residing in Andhra Pradesh, the communication from AO could not be seen. The appellant gets commission only from main dealer and therefore profit was below taxable limit, so assessee did not file return of income. Since the assessee is a sub-dealer and the margin is very low in the range of 2 to 3% depending upon product sales, the profit estimated by CIT(A) is not justified. He further submitted that turnover achieved is Rs. 85,22,740. The assessee has deposited cash only in old currency of Rs. 3,25,000 upto 17.11.2016, thereafter he has stopped accepting in old currency notes and these are part of the turnover during the demonetisation which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 3,25,000 and the CIT(A) has allowed Rs. 75,000 and only issue is for balance of Rs. 2,50,000 is before us. We are of the view no purpose will be served if the issue is remitted to AO since the assessee has not maintained any books of accounts, therefore we proceed to adjudicate the issue on merits. We note from the monthly sales submitted before the CIT(A) that business has been carried out by the assessee only for 10 months which is placed at page 17 of the PB. The sales shown by the assessee is Rs. 79,92,740. However, the VAT return filed is Rs. 85,22,740. The ld. CIT(A) has accepted that turnover of the assessee is mostly carried out by the assessee in cash. We note that the turnover for 10 months is Rs. 85.23 lakhs, as per sales rep ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
