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6. For that on the impugned order passed under section 263 of the Act is without jurisdiction and is bad in law and is liable to be quashed.

7. For that your appellant craves leave of your honours to take additional ground or grounds and/or to modify any ground(s) of appeal at or before the time of hearing.

4. The appealarises this way.During the assessment year 2014-15, the assessee was engaged in supply of eggs and also received salary and interest on capital from partnership firm M/s Niher Enterprises. The assessment, in theassessee`s case, was completed by the Assessing Officer under section 143(3) of the Income-Tax Act, 1961 on 30-12-2016 with addition of Rs. 3,65,933/-, in the total income of the assessee as undisclosed income after taking margin of profit @ 4% on the undisclosed turnover of Rs. 91,48 326/-, ( that is, 4% of Rs. 91,48 326/- which comes to Rs. 3,65,933/-).

9.Aggrieved by the order of the ld. PCIT, the assessee is in appeal before us.

10.Shri Sanjoy Modi, learned counsel for the assessee, has contended that Assessing Officer has examined the issue relating to undisclosed bank account during the scrutiny assessment. The ld assessing officer had worked out undisclosed business turnover to the tune of Rs. 91,48,326/- and on the said undisclosed business turnover, he worked out business income @ 4% of undisclosed business turnover which comes to Rs. 3,65,933/- (4% of Rs. 91,48,326/-). Therefore, the Assessing Officer has taken one of possible views and made assessment on the undisclosed business turnover. Hence, order passed by the assessing officer under section 143(3) of the Act dated 30.12.2016 is neither erroneous nor prejudicial to the interest of Revenue.

We note that Assessing Officer has duly assessed the deposits in the bank account No.2195697434 of Central Bank of India, to the tune of Rs.95,33,717/-, treating Rs. 91,48,326/- as undisclosed business receipts/undisclosed turnover. Thereafter the assessing officer computed the margin of profit @4% of undisclosed business receipts at Rs. 3,65,933/- ( that is 4%Rs.95,33,717). The AO also made addition on account of interest on saving bank account at Rs.11,521/-.Therefore, the bank account A/c No. 2195697434 has been verified by the assessing officer and on being confronted, during the assessment proceedings, the assessee made submission on 27/12/2016 before the assessing officer stating that out of aggregate deposits of Rs. 95,33,717/- made in the said bank account A/c No. 2195697434, Rs.91,48,326/-was his business receipts, and Rs.3,73,870/- was maturity proceeds of daily deposit accounts and Rs 11,521/- was interest income on savings account. The assessee also informed to the assessing officer that after his father's death, the assessee had started doing business and using the above said bank account in question, which was not reflected in his Return of income.

"Accordingly, the amount of Rs.91,48,326/-, which was not accounted for gross turnover in the profit & loss account in the Return of Income of the assessee, has been considered as undisclosed business receipt or turnover of the assessee for the financial year 2013-14 relevant to the assessment year 2014-15 o v e r & above the gross turnover declared by him. The margin of net profit has been taken @ 4% on audited gross turnover in the Return of Income filed by the assessee. Accordingly, margin of profit has been taken @ 4% on undisclosed turnover of Rs.91,48,326/- which comes to Rs.3,65,933/- and added back as undisclosed business income to the returned income."