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2017 (5) TMI 1623 - AT - Income TaxEstimation of commission income - Reducing the estimated addition from 4% to 0.15% - bogus bills/accommodation entries - Held that:- We find that the assessee had not co-operated with AO during the assessment proceedings, that it was providing accomodation entries, that the AO estimated commission income of the assessee at 4% of the total deposits, that the FAA reduced the commission income and estimated the same at 0.15% of the aggregate of value of accommodation entries. The estimate made by AO was on higher side and had no basis. We would like to refer to the case of Gold Star Invest P. Ltd. (2008 (3) TMI 687 - ITAT MUMBAI), wherein under identical circumstances the Tribunal had estimated the commission income of the assessee @ 0.15 % of the aggregate value of the bogus bills/accommodation entries.
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