9911796707
TMI Blog2025 (5) TMI 600X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. The additions of Rs. 17,61,000 made by the Assessing Officer and sustained by the learned NFAC is purely based on surmises, conjecture, and presumptions and therefore the same deserves to be deleted. 3. The learned NFAC grossly erred in confirming the order framed by the Assessing Officer under section 143(3) in determining the total income at Rs. 25,98,020 including computing the taxable income at Rs. 17,61,000 under section 69A r.w.s Section 115BBE of the Act as against Rs. 8,37,020 returned under regular provisions of the Act by the appellant. 4. The learned NFAC ought to have appreciated that the Assessing Officer ignored the business model of the Appellant as well as explanation offered regarding cash deposits during the cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of the Assessing Officer ignoring the position of law that provisions of section 69A cannot be applied in respect of income from a source which has already been taxed which would amount to double taxation. f) The learned NFAC has failed to appreciate that all the purchases and sales are fully vouched and no defects in the quantitative details of stock register maintained by the appellant have been found and, therefore, the confirmation of addition of Rs. 17,61,000 is against the facts and circumstances of the case. g) The learned NFAC has failed to appreciate that the Assessing Officer having not found any fault in the books of accounts during the course of assessment proceedings and did not reject the books of accounts under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4B. Ground no. 7 - Levy of interest under section 234C The learned NFAC erred in upholding the order of the Assessing Officer in levying interest under section 234C of the Act at Rs. 4,586. The appellant denies the said liability of interest under section 234C. General 8. The Assessing Officer erred in initiating penalty proceedings under section 271AAC(1) of the Act. 9. Each one of the above grounds of appeal is without prejudice to the other. 10. The appellant reserves the right to add, alter, vary, omit or substitute or amend each of the above grounds of appeal or add a new ground or grounds of appeal at any time before or at the time of hearing of the appeal as it may be advised." 2. Brief facts in this case are that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re also petty pan-walas/pan shop owners who do not have adequate documents either from the perspective of the income tax or from the perspective of the sales tax. Some of the petty pan-walas also conducts their business in some carts/trolley and they are not available every time at one single place. These realities have also not been disputed by the department. The Department has not questioned the turnover of the assessee and also has accepted the business module conducted by the assessee. Books of accounts of the assessee has also been accepted by the department. When all these parameters have been fulfilled by the assessee, there cannot be any addition u/s. 69A of the Act treating the cash deposits in the bank account as unexplained mone ..... X X X X Extracts X X X X X X X X Extracts X X X X
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