Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 35 - AT - Income TaxReopening of assessment u/s 147 - Estimation of net profit - addition by applying estimated not profit at the rate of 0.20% on the turnover - HELD THAT:- CIT-A has held that the entries appearing in his bank account were related to diamond business carried on by him on commission basis and has estimated the commission @ 0.20% on total turnover taking into account statement of assessee u/s 131 recorded during the remand proceedings before the AO admitting receipt of commission in range of 0.15% to 0.20% and comparative third party cases engaged in similar line of business as referred by the assessee himself during the appellate proceedings. Accordingly, addition of ₹ 10,72,934 was confirmed and remaining addition of ₹ 4,78,35,186/- was deleted. We therefore don’t see any infirmity or perversity in the said findings of the ld. CIT(A) who has taken into consideration the entirety of facts and circumstances of the case including the additional evidence, statement of the assessee u/s 131, besides the submissions made by the assessee during the appellate proceedings. Further, the ld CIT(A) has rightly upheld the reopening of assessment u/s 147 and passing of assessment order u/s 144 of the Act. - Decided against assessee.
|