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2017 (2) TMI 111 - AT - Income TaxEstimating income of the appellant @2% of the value of the sales bills issued by the appellant in respect of supply of building materials as against 0.75% actually received - Held that:- AO would verify whether the cheques received from the parties were deposited in the bank accounts and cash was withdrawn immediately thereafter and handed over to the parties. If the assessee is able to prove the same before the AO, then the assessee’s claim of estimating net commission income on the gross value of the transportation fee at 0.5% + TDS shall be accepted. Also if the assessee is able to prove the above, the AO would accept the net commission income from the gross value of building material supply bills @ 0.75%. Accordingly we set aside the order of the ld. CIT(A) on this issue and restore the same to the file of the AO to follow the direction as given at para 7.2 here-in-above and pass a fresh assessment order as per the provisions of the Act after giving reasonable opportunity of being heard to the assessee. Thus ground number 1,2, 4(i)(ii) ,5 & 8 are allowed for statistical purpose. Allowance of expenses from the income earned by way of commission on providing accommodation entries - Held that:- Keeping the principle laid down in the above decision of the Hon’ble High Court instead of the Tribunal order in M/s Saroj Anil Steel Pvt. Ltd. (2012 (10) TMI 1133 - ITAT MUMBAI) the claim of the assessee to allow expenses from the income earned by way of commission on providing accommodation entries of transportation is rejected.
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