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2022 (10) TMI 337 - AT - Income TaxEstimation of profit from accommodation entries - estimation made by the AO and confirmed by the CIT(A) in estimating the profit @8% of the entire impugned amount without rejecting the books of account of the assessee - HELD THAT:- As identical facts and circumstances, the coordinate Bench of ITAT Delhi, in the case of Vishnu Goel [2018 (10) TMI 1970 - ITAT DELHI] has held that ‘where as the AO initially estimated income at 2% which was reduced by the ld.CIT(A) to 1% in first appeal.’ We take respectful cognizance of the judgement of the jurisdictional High Court of Delhi in the case JKD Brokers P. Ltd. [2015 (3) TMI 409 - DELHI HIGH COURT] that the profit/commission was to be estimated at 1% of the aggregate credits. Therefore, respectfully following the judgement of the jurisdictional High Court of Delhi in the case of JKD Brokers P. Ltd. vs. CIT (supra) the estimation made by the AO is reduced to 1% of aggregate credits and the AO is directed to recompute the addition accordingly. Grounds No.5 and 6 of the assessee are, thus, partly allowed.
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