Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 1335 - ITAT DELHIN.P. rate determination - Held that:- The assessee submitted that he earned his commission income of ₹ 61,546/- @3% after deducting various expenses. Therefore, the AO estimated NP of 10% on turnover of ₹ 3,07,73,348/- and made the addition of ₹ 30,73,334/-. I further find that assessee had not disclosed these transactions in return of income and neither at assessment nor at appellate stage did he submit any cogent evidence that these transactions relate to commission income. Therefore, Ld. CIT(A) applied NP rate of 8% instead of 10%, which is quite reasonable and justifiable and rightly sustained the addition to the extent of ₹ 24,61,867/- and accordingly, the assessee gets a relief of ₹ 6,11,467/-, which does not need any interference on my part, hence, WE uphold the order of the Ld. CIT(A) on the issue in dispute and accordingly, the appeal of the Assessee is dismissed.
|