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2021 (4) TMI 801 - AT - Income TaxAddition of unexplained cash credit u/s 68 - CIT-A treating the accounted and disclosed in the return of income filed u/s 139 of the Act the brokerage incom as unexplained cash credit - HELD THAT:- AO treated the commission income as unexplained cash credit by taking view that assessee has not given any explanation and evidence. On the contrary, in assessment order, AO recorded that the filed submission dated 10.02.2015, wherein it was submitted that he is not covered within the provision of section 44AD of the Act, he is maintaining all regular books of accounts and other records for commission income. He is also incurred certain expenses, which can be verified. The ledger account of commission income was also furnished, along with party wise details and the available addresses and the amount of commission. No finding was given on such explanation furnished and evidenced by the assessee. Moreover,AO has not doubted the various expenses claimed against commission income. The assessee has shown commission income in original return of income. We find convincing force in the submissions of learned AR of the assessee that the assessee has already filed Return of Income under section 139 of the Act before the date of initiation of assessment proceeding and much less after completion of investigation carried out by Investigation Wing of Revenue, it could not in any way be termed as unexplained income, the addition of unexplained income is purely guess work of assessing officer. No justification in treating the commission income as unexplained cash credit, accordingly appeal of the assessee is allowed
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