9911796707
TMI Blog2025 (2) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(3) of the Act, dated 06.09.2016. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal: "1. That Ld.AO failed to issue show-cause notice before making huge addition into the income of appellant and further, he wrapped up the assessment proceedings in just few days, whereas, 116 days were left for him to conduct appropriate enquiry into the matter and to provide sufficient opportunity to the appellant for explaining the transactions and producing evidences, hence assessment made by AO is against the facts, illegal, unjustified, arbitrary and without jurisdiction. This fact was not considered by the Ld. CIT (A). 2. The transactions which were related to business activities of the assessee were not con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ardoi-241204" for more than 5 years and was doing trading business under the name and style of M/s Maa Vaishno Saree Centre at the aforesaid address for more than 5 years. The assessee opened and operated all bank accounts at Sandila, Hardoi and none of the bank accounts was opened or operated at Siwan. The Ld. AO completed the assessment on 06.09.2016 assessing the total income at Rs. 49,82,130/- on the basis of the deposits in the 4 bank accounts. The Ld. AO concluded that the deposits in HDFC Bank and State Bank of India were on account of business transactions not accounted for in the books of account and accordingly the income from these transactions was assessed by applying gross profit rate as per the books of account @ 6.16% on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted before the Ld. CIT(A) that he had enough cash to make the deposits in the banks and, therefore, the estimation of income was not called for. However, since no evidence had been filed to substantiate this claim and from the assessment order it was seen that the assessee accepted during assessment that he had not accounted for 4 out of the 5 bank accounts operated by him, therefore, this ground of appeal was also dismissed. 4. None appeared on behalf of the assessee but an adjournment application was filed. However, the adjournment was not allowed. The Ld. CIT(A) has confirmed the addition as no submission was made by the assessee. It appears that proper representation was not made before the Ld. AO and while the deposits in SBI A/c No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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