Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 398 - AT - Income TaxRejection of books u/s 145 – Accommodation entries/bills – Whether books were rejected u/s 145 merely on the basis of, if one of the director of assessee company is engaged in providing accommodation bills - AO concluded that the assessee is also engaged in the business of providing accommodation bills - The AO estimated the commission/brokerage/consideration from providing the accommodation bills/entries @1% (net of expenses) on the total turnover – Held that:- Only because of such person in his statement has accepted of providing accommodation bills cannot ipso facto make the assessee company also to be engaged in the same kind of business. There is no reference of the name of the assessee company in the statement given by such person & document there from. As we have held that commission income is not assessable in the hands of the assessee, its return as per account is accepted and the addition made with respect to commission is deleted. Appeal decides in favour of assessee.
|