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2015 (11) TMI 1693 - AT - Income TaxUnexplained cash credits - Addition to the commission income at 0.15% - reasonable percentage to the commission on the total turnover - Held that:- Respectfully following the orders of the Tribunal including the order of Tribunal in assessee’s own case in the immediately preceding year [2008 (3) TMI 687 - ITAT MUMBAI], we find that the ld. CIT(A) has rightly deleted the addition as held the theory of Assessing Officer to treat the entire deposit as unexplained cash credits, cannot be accepted in the light of assessment orders in the case of beneficiaries and also in the light of the fact that assessee is only concerned with the commission earned on providing accommodation entries. We, therefore, of the view that since the assessee itself has declared the commission on turnover at 0.15% which is more than the percentage considered to be reasonable the same should be accepted. We, accordingly, accept the commission declared by the assessee and set aside the order of the CIT (A) in this regard - Decided against revenue Allowabaility of expenses - expenses claimed by the assessee in its profit and loss account disallowed on ad hoc basis - Held that:- Since, the issue raised herein has already been decided by the Tribunal and nothing has been brought on record by the ld. DR to contradict the findings of the Tribunal, we therefore, direct the AO to follow the order of Tribunal for this year also. We therefore, hold that 50% of the expenses should be allowed. The AO is directed to give relief accordingly.
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