The assessee declared net profit rate at 14.80 percent. Further, based on the information received by the Assessing Officer, it was revealed that the assessee was operating 12 bank accounts and the total amount deposited during the year under consideration was much higher than the turnover. The Tribunal held that Assessing officer had rightly made the additions. Interest income as per form no 26AS was not disclosed. Addition is held to be justified. (AY. 2014-15)
Mohan Chandra Mondal v. ITO (2022) 97 ITR 53 (SN) (Kol) (Trib)
S. 144 : Best judgement assessment-Income from undisclosed sources-Estimation of profits-Profits declared at 14.80%-Amount deposited in account much higher than turnover-Assessing officer applied net profit at 8%-Additions justified-Interest income not disclosed-Addition is justified. [S. 69, Form 26AS]