SH. RUPINDER PAL SINGH,LUDHIANA vs. ITO, W-II(2), LUDHIANA

The hand written grounds filed by the assessee (scanned copy ) are as under:

The appeal has been barred by 31 days. The assessee submitted that owing to his ill health the appeal could not be filed in time. He produce the medical certificate to that extent, hence the delay is hereby condoned.

The brief and straight facts of the case are that the assessee has cash deposits of Rs. 27,35,000/- in the savings bank account maintained with HDFC

The Ld. CIT(A) in an ex-parte order confirmed the addition made by the Assessing Officer.

Before us, through the grounds of appeal the assessee has submitted that the cash deposits is not his total income but it is the total sale receipts of the trading business. The assessee has submitted that the 5% of the turnover can be at best treated as the profits of the business.

The Ld. DR relied on the order of the lower authorities.

The Revenue could not bring anything to controvert the plea of the assessee.

Having gone through the facts of the case we feel that the ends of the justice would be met if the assessee is taxed @5% as per the provisions of Section 44AF on the total turnover as reflected in the bank account of the assessee.

All the grounds are treated as heard.

As a result the appeal of the assessee is allowed for statistical purposes.