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2020 (7) TMI 751 - AT - Income TaxRectification of mistake - Addition u/s 68 - cases relied upon were ignored to be considered - company was dealing in providing the accommodation entries - addition was raised on account of third party statement - assessee alternate plea was that the assessee was earning the commission by providing accommodation entries, the only amount of commission could be added to the assessee’s taxable income and not entire amount of transaction - HELD THAT:- As stated that the applicant used to issue accommodation entries on commission basis @ 0.02% to 0.10%. On the basis of the said information, the noticed u/s 153C of the Act was issued. The assessment u/s 153C was completed treating the 4% as income. Subsequently, the PCIT-4 passed the order u/s 263 of the Act and thereafter the assessment u/s 144/142(1) r.w.s. 153C of the Act was competed by assessing the 100% addition. CIT(A) upheld the disallowance. The applicant/appellant had produced the order of co-ordinate bench in the case of M/s. Chaitali Sales Agency Pvt. Ltd and Gold Star Finvest Pvt. Ltd. The said cases were related to same search in which the commission was assessed @ 0.15% of total deposits but the alternate contention was not dealing with the Hon’ble ITAT, therefore, the present Miscellaneous Application has been filed. After perusing the order dated 25.03.2019, we noticed that the decisions in the case of Chaitali Sales Agency Pvt. Ltd. and Gold Star FinvestPvt. Ltd. were not dealt with. Subsequently these decisions were confirmed by the Hon’ble Bombay High Court. Applicability of these cases may effect the merits of the case also. So by not dealing these cases, there is mistake apparent on record, therefore, we recall the order dated 25.03.2019. Registry is directed to refix the case in due course of time. These Miscellaneous Applications are hereby also allowed accordingly.
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