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2022 (5) TMI 1011 - AT - Income TaxValidity of reopening of the assessment - Unexplained bank deposits - HELD THAT:- As perused the material on record and gone through the orders of authorities below. There is no dispute with regard to the fact that there were deposits in the bank account of the assessee. The assessee had not offered the amount of commission. Considering the facts of the present case, there is no infirmity in reopening of the assessment of the assessee. Ground nos. 1 & 2 of the assessee’s appeal are dismissed. Adopting the commission income at 0.5% and the direction to this effect issued by CIT(Appeals) to the assessing authority - HELD THAT:- It is clear that the basis of adopting 0.5% as the commission income was on the basis of the statement of the assessee himself. However, this statement was not brought to the notice of the Division Bench of this Tribunal - assessee could not rebut the fact that the assessee himself has stated of having received commission in cash @ 0.5% out of which 0.3% was paid as bank charges. We find that the CIT(Appeal) on the basis of this statement has adopted the commission income but he has allowed the expenses on the actual basis - statement cannot be used in part. It is to be read as a whole. Therefore, considering the statement of the assessee we hereby direct the Assessing Officer to adopt 0.20% as the net commission income of the assessee.
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