9911796707
TMI Blog2025 (5) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue is directed against the order dated 27.10.2023 passed by the NFAC, Delhi in relation to assessment year 2017-18 on the following ground:- 1. Whether on the facts and in the circumstances of the case, Ld. CIT(A) is correct on facts and in law in restricting the addition to 30% of gross business receipts of Rs. 2,98,00,130/- only on the basis of assessment made u/s. 144 of the Act for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 4,20,000/- in his account with Punjab National Bank respectively. AO noted that assessee has deposited cash of Rs. 2,98,00,130/- during the FY 2016-17 in his bank accounts with HDFC Bank and Axis Bank. Since the assessee has failed to offer any explanation despite the plethora of opportunities, thus there was no option but only to treat the cash deposited by the assessee during the FY 2016-17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 2,98,00,130/- on account of unexplained deposits. 5.1 It is noticed that in earlier years i.e. AY 2011-12 and 2012-13, assessment has been framed u/s. 144 of the Act by computing income at 30% of gross receipts. The appellant has claimed that total cash deposits was made in current account, which were receipts on account of business. Considering the above facts, the income for this year is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 144 of the Act by computing income @ 30% of the Gross Profit. Ld. CIT(A) has treated the cash deposits of Rs. 2,98,00,130/- as business receipts and thereafter directed that 30% of the same should be treated as profit and accordingly Rs. 89,40,039/- has been computed as profit chargeable to tax. In our considered opinion, ld. CIT(A) has taken a correct view which does not need any interference on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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