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2021 (8) TMI 1028 - ITAT SURATAssessment u/s 144 - Addition u/s 69 - assessee failed to provide details of credit entries in his bank accounts - HELD THAT:- We note that in assessee`s case an enquiry report was received from the Dy. Director of Income Tax (Inv.)-III, Surat regarding huge credits in the bank account of the assessee during the year under consideration. From the enquiry, the AO gathered that the assessee has four bank accounts and total credit entry in the bank accounts. AO treated as unexplained investment and treated income for the year under consideration by passing order u/s 144 r.w.s 147. On appeal, ld CIT(A) directed the assessing officer to calculate the commission @₹ 50 per lacs on the total turnover of ₹ 98,22,26,712/-. We note that investigation Wing, Surat, reported after examining the assessee and recording his statement on oath u/s 131 of the Act, that the assessee was engaged in the business of cheque discounting business and was using 18 bank accounts. The AO in the A.Y. 2009-10 had completed the assessment order dated 25.11.2016 holding that the assessee had earned commission income @₹ 50 per lacs on the turnover of ₹ 29,84,17,709/- and had made addition of ₹ 14,92,088/-. Therefore, we note that in previous year the Department has accepted the claim of the assessee that assessee had earned commission income @₹ 50 per lacs on the turnover of ₹ 29,84,17,709/-. It is a well settled legal position that factual matters which permeate through more than one assessment year, if the Revenue has accepted a particular's view or proposition in the past, it is not open for the Revenue to take a entirely contrary or different stand in a later year on the same issue, involving identical facts unless and until a cogent case is made out by the AO on the basis of change in facts. Assessee is engaged in cheque discounting business. However, considering the time value of money, we note that rate of @₹ 50 per lacs, is lower side, therefore we direct the assessing officer to compute the disallowance @ ₹ 75 per lacs. Principle of consistency are applicable to the assessee on cheque discounting business and not on the rate of ₹ 50 per lacs, therefore, considering the time value of money, we have directed the assessing officer to compute the disallowance @ ₹ 75 per lacs. Appeal of the Revenue is partly allowed.
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