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2016 (9) TMI 1637 - AT - Income TaxEstimation of income by way of commission from the business of accommodation entries - HELD THAT:- Similar issue had come up before the Tribunal in the cases of Goldstar Finvest Pvt. Ltd. [2008 (3) TMI 687 - ITAT MUMBAI],Alliance Intermediateries and Network Pvt. Ltd. [2016 (2) TMI 1113 - ITAT MUMBAI] and Mr. Mukesh Choksi [2016 (5) TMI 1408 - ITAT, MUMBAI] wherein as find that the Tribunal had directed that the income by way of commission from the business of accommodation entries being carried out by Mukesh Choksi group was liable to be assessed at 0.15% instead of 2% applied by the Assessing Officer. Since it was a common point between the parties that the appellant company before us is also a part of the entities controlled by Mr. Mukesh Choksi, in our view, the aforesaid decisions are relevant to assess the income of the assessee. In this view of the matter, we, therefore, set-aside the order of the CIT(A) and direct the Assessing Officer to recompute the commission income from the business of providing accommodation entry in conformity with the aforesaid precedents. We set-aside the order of the CIT(A) and restore the matter back to the file of Assessing Officer to redetermine the total income as per aforesaid directions. Needless to mention, the Assessing Officer shall allow the assessee a reasonable opportunity of being heard before recomputing the income as per law.
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