Assessee can challenge Assessment order if AO not accepted consent of assessee in toto

1. The assessee is a PWD Contractor filed his return of income on 30.09.2009 admitting total income of Rs.17,40,960. The Assessing Officer in the course of scrutiny assessment noted that the assessee has declared net profit @ 5% on the gross receipt of Rs.3,58,15,566. However the bank account of the assessee has reflected the total receipt of Rs1.22 Crores therefore the Assessing Officer asked the assessee to explain the discrepancy in the total receipt as declared by the assessee in the return of income at Rs.3.58 Crores and receipts shown at bank account at Rs.1.22 Crores. The assessee expla...