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2022 (12) TMI 1016 - AT - Income TaxReopening of assessment u/s 147 - reason to believe - Reliance on information received through independent sources - Addition towards commission income - HELD THAT:- No merit in the grounds raised by the assessee, since the case of the assessee was reopened based on information received through independent sources by the A.O about unexplained receipts in the bank account. We, therefore, dismiss. Addition towards undisclosed income computed @0.5% of the bank credit entries carried out in the bank account - A.O has estimated the income based on his observation that the inflow and outflow in the bank account are not akin to any business activity but the same are being carried out for the purpose of earning commission, we, therefore, fail to find any infirmity in the finding of the ld. CIT(A) confirming the addition made by the A.O based on facts and circumstances of this particular case. We, however, like to make it clear that our decision in confirming the finding of ld. CIT(A) of estimating commission income @0.5% of inflow and outflow of funds in the bank account should not be taken as a precedent in other similar cases as this is purely based on the facts of the instant case. Therefore, Ground Nos.3 & 4 raised on merits are dismissed.
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