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2016 (10) TMI 1127 - AT - Income TaxEstimation of Commission income - Addition made at 2% of gross deposits as against 0.15% offered by the assessee - Held that:- The assessee submitted that no proper opportunity was given and hence assessments should be set aside to the Assessing Officer for fresh adjudication and he further submitted that the issue in appeal is squarely covered by various decisions of the Co-ordinate benches wherein it was held that the commission income from the business of accommodation entries should be assessed at 0.15% as against 2% assessed by the Assessing Officer. Taking note of all the decisions and submissions of the Ld. Departmental Representative, we are of the view that the Assessing Officer should examine all these submissions of the Ld. Departmental Representative and the case laws relied on by the Ld. Counsel for the assessee and decide the issue afresh in accordance with law. Penalty levied u/s. 271(1)(c) - Held that:- As the commission income assessable in the hands of the assessee has been on estimate basis, no penalty is attracted on the additions/disallowances made on estimate basis.
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