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Income Tax Appellate Tribunal, DEHRADUN BENCH ‘DB’, DEHRADUN
Before: Sh. Saktijit DeyDr. B. R. R. Kumar
Per Dr. B. R. R. Kumar, Accountant Member:
The present appeal has been filed by the assessee against the order of ld. CIT(A), Dehradun dated 29.12.2016.
Following grounds have been raised by the assessee:
“1. The order of the ld. Commissioner of Income Tax(A) is bad in law and on facts.
2. That on the facts and circumstances of the case and in law, the ld. CIT(A) has erred in making the addition of Rs.2,10,000/- on the basis of the estimated business profit i.e. 15% on the Rs.14,00,000/-.
The appellant states that amount received by the assessee of Rs.14,00,000/- is refund of amount lying with Mr. D.M. Agarwal which was also adjusted in his account and was not part of his income.”
3. In this case, the assessment has been completed u/s 153A determining the total income at Rs.51,93,150/-. The matter travelled up to ITAT wherein vide order dated 17.06.2013, wherein the tribunal restored the issue of addition of Rs.29,00,000/- to be examined de novo. The assessee did not appear before the Assessing Officer during the assessment proceedings and the assessment has been completed determining the total income at Rs.44,03,150/- wherein undisclosed investment has been re-determined at Rs.29,00,000/-. The ld. CIT(A) deleted the addition of Rs.29,00,000/- and confirmed the addition of Rs.2,10,000/- which was reduced by the Assessing Officer from Rs.10,00,000/- in the original assessment to Rs.2,10,000/- in the revised assessment.
The appeal before the Tribunal has been instituted on 29.06.2018 and nobody attended the proceedings during any one of the 6 hearings held. We find that the addition has been made @ 15% on the business profit. We find that the revenue authorities are quite reasonable in estimating the business profits and hence, we affirm the order of the ld. CIT(A).
In the result, the appeal of the assessee is dismissed. Order Pronounced in the Open Court on 28/02/2023.