Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1268 - AT - Income TaxComputation of commission income - entry operator - from 2% to 0.50% - HELD THAT:- Since in the case of the assessee in subsequent years as referred to above and in the case of group assessees the Tribunal has considered 0.50% as reasonable rate of profit/commission and directed the AO to adopt the same figure for computing the profit on account of commission, we following the same order set aside the orders of the authorities below and direct the AO to adopt profit rate of 0.50% instead of 2% for estimating the commission income accordingly. These grounds of appeal of the assessee are allowed partly. Unexplained deposit in the bank account of assessee - HELD THAT:- The authorities below have rightly followed the directions of the ITAT issued in first round of proceedings. Assessee cannot take a new plea to challenge the addition u/s 68 of the Act when the first order of the Tribunal has reached finality. Since there is a cash credit appearing in the books/bank account of the assessee, therefore, burden was upon the assessee to explain the same to the satisfaction of the AO as per directions of the Tribunal. Even before us Ld. Counsel for assessee was not able to demonstrate as to how the peak addition could be made in the case of the assessee. We, therefore, do not find any justification to interfere with the orders of the authorities below. Addition of ₹ 4,50,000/- is confirmed. These grounds are, therefore, dismissed.
|