Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 751 - AT - Income TaxAddition on account of discrepancies in brokerage income - discrepancy in the income shown by the assessee and income reflected in Form no.26AS uploaded by the insurance company - Held that:- The assessee has filed the revised Form no.26AS, issued by the Insurance Company, as per which the total brokerage income received by the assessee is ₹ 44,00,963, which is claimed to be lesser than the brokerage income offered by the assessee from the said Insurance Company. Since, the aforesaid revised Form no.26AS was obtained after disposal of appeal by the learned Commissioner (Appeals), the assessee had no opportunity to produce it before the Departmental Authorities. In view of the aforesaid, we restore the issue to the file of the Assessing Officer with a direction to verify assessee’s claim by taking note of the revised Form no.26AS issued by the insurance company and decide the issue after due opportunity of being heard to the assessee. This ground is partly allowed for statistical purposes. Disallowance of director’s remuneration paid - addition u/s 40A - Held that:- The assessee has submitted before us that such payment of salary is due to contractual obligation, however, no such documentary evidence has been brought on record to prove such facts and also to indicate the exact nature of work being done by the concerned director and the effect of such work on the business of the assessee to justify such increase in salary. The assessee has to prove that the salary paid to the concerned director is commensurate with his work and not unreasonable as per section 40A(2)(b) of the Act. To afford one more opportunity to the assessee to prove the aforesaid fact by bringing cogent material on record, we set aside the impugned order of the learned Commissioner (Appeals) on this issue and restore the matter back to the file of the Assessing Officer for denovo adjudication after due opportunity of being heard to the assessee. This ground is allowed for statistical purposes.
|