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2015 (9) TMI 1521 - ITAT MUMBAIEstimating the income from genuine transport charges at 5% - bifurcation of receipts pertaining to accommodation bills - Held that:- We notice that the receipts pertaining to genuine transport business was ₹ 14.47 lakhs out of which income was estimated at 5% thereof amounting to ₹ 72,355/-. The plea of the assessee is that the income should be estimated at 0.5% on the above said amount of ₹ 14.47 lakhs also. In support of this contention, the assessee has placed reliance on the affidavit filed by the assessee. With regard to the receipts pertaining to accommodation bills, the assessee seems to have proved the same by showing his bank account wherein the cheque received from the parties have been immediately withdrawn by way of cash. The explanation of the assessee was that the cheques received from the parties were deposited into the bank accounts and the cash was immediately withdrawn thereafter and handed over to the parties. If the assessee is able to demonstrate that the very same modality was followed in respect of ₹ 14.47 lakhs also, then the assessee’s claim for estimating income at 0.5% plus TDS amount can be admitted. However, this fact requires verification at the end of the AO. Accordingly, we set aside the order of Ld CIT(A) on this issue and restore the same to the file of the AO with the direction to examine the bank accounts and other explanations furnished by the assessee and take appropriate decision in accordance with the law. - Decided in favour of assessee for statistical purposes
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