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2015 (12) TMI 391 - AT - Income TaxAddition in respect of commission - estimate the profit @0.50% of the total turnover - addition made in respect of unexplained cash credit u/s.68 - CIT(A) deleted the addition - Held that:- CIT(A) deleted this addition on the basis that the AO has rejected the books of account and estimated the income of the assessee at 0.52% of the total turnover. Therefore, once the books of account is rejected and the income of the assessee is estimated u/s.68 of the Act, it cannot be made separately of the deposits made in the bank account which is part and parcel of the books of account. We do not agree with this view of the ld.CIT(A) and no finding is given whether such deposits relate to the commission received by the assessee. In the absence of such specific finding, it cannot be presumed that the deposits as made were, in fact, the commission received by the assessee. Therefore, the decision of the ld.CIT(A) on this issue is hereby set aside and the addition made by the AO of ₹ 28,24,000/- is hereby upheld and this issue raised by the Revenue is allowed. - Decided partly in favour of revenue.
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