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2014 (2) TMI 787 - AT - Income TaxAdditions made service charges (commission) received @ 1% for sale of banana - Ancestral agricultural income estimated by AO @10% reduced to 6% by the CIT(A) - Exemption u/s 10(1) – Held that:- The assessee did not disclose the saving account of PNB in which cash was deposited - the assessee’s initial reaction was that during the year under appeal he has purchased the bananas from the farmers and sold the same to Punjab and Hariyana and earned 1% commission on these transactions and also offered the same for taxation – but assessee could not give the details of the traders of Punjab and Hariyana with whom he made trading of banana nor he could give any details of the transporters through which these bananas were supplied to the traders - No details/vouchers in this respect were furnished by the assessee at any stages including during the hearing of appeal. When AO proposed to add net profit @ 10% of the total sales, assessee took the plea that all the transactions were done by the assessee on behalf of HUF and in support of certain documents were also filed - AO also found that neither the HUF nor any member of HUF obtained PAN No. and were not assessed to tax - CIT(A) has also agreed with the finding of AO that cash deposit in the undisclosed bank account was out of trading of bananas - He reduced the estimation of profit from 10% taken by the AO to 6% - nothing was brought on record on behalf of the assessee which could persuade to give any further relief to the assessee and therefore the order passed by Ld. CIT(A) is hereby upheld – Decided against Assessee.
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