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2012 (9) TMI 835 - AT - Income TaxOne time Commission income - Business income or unexplained income u/s 68 taxable under the head income from other sources - assessee engaged in business of share trading for last 25 years had suffered losses heavy losses during last few years - Held that:- It is observed that assessee had been suffering heavy losses during last few years in this regular trade and suddenly, during the year under consideration, the assessee received huge commission. Assessing Officer has elaborately dealt with his apprehension in the assessment order and has treated the same as unexplained income. CIT(A) in his order has not addressed the observations made by the AO and instead had allowed the claim of the assessee simply on the basis of facts that assessee had been filing income tax returns for a long period and commission income has been credited in the books of accounts and books of accounts are subject to the audit u/s 44AB. Since, before CIT(A), assessee had not been able to rebut any of the observations made by AO. Moreover, the order of CIT(A) is not a speaking order therefore, case is set aside to the CIT(A) for fresh adjudication - Decided in favor of Revenue for statistical purposes
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