Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 996 - AT - Income TaxCommission/ brokerage @ 1.5% on the total bank entries determined by CIT(A) - Held that:- As the observations made by the AO in the remand report were replied by assessee. However, they have not been considered by ld. CIT(A). We have examined the case of M/s Joy Commercial Pvt. Ltd. (with which the assessee claimed to have business transactions), wherein AO in the remand report, inter alia, observed that, “a perusal of the details filed revealed that the bank statement for only a part of the year was filed and not the statement for the full year as specifically asked for in the summons issued”. In the reply filed by assessee, the assessee has categorically stated that, “AO never requisite the parties to whom he summoned to submit the copies of the bank statement for full year. He had merely asked the parties to show him the bank statement for financial year 2005-06, which had been duly perused by him during the course of attendance of the summoned parties wherein he asked from the party the relevant part of the copy of the bank statement wherein transaction had taken place with the assessee. He also perused the books of account and bills and vouchers which had been produced before him, but the AO had observed contrary to the same. Similar is the position in regard to other parties which we do not propose to go into detail - matter be restored to the file of AO for de novo consideration - Decided in favour of assessee for statistical purposes
|