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2022 (2) TMI 574 - AT - Income TaxIncome from undisclosed sources - whether cash deposits made in his A/c.belongs to the Ceramic Industries/Tiles Manufacturing Companies of Morbi who are the clients of Shaileshbhai Marvania or not? - AO has mentioned in the assessment order that while recording statement on oath the assessee has deposed that he was receiving commission: @ 0.25 per 1 lac whereas in his submission he stated that he was receiving commission @ 0.025 per 1 lac and thus the contradictory statement leads to believe that the intention of assessee is not bonafide - HELD THAT:- In this case, assessee is working as a shroff and as per CIT(A) it is not a disputed fact. The shroff acts as a channel between two parties. It is apparent from the bank account in question that the cash were deposited and withdrawn from time to time. During the proceedings, the assessee recorded his statement and categorically explained the nature of transaction that he is getting a commission at ₹ 0.25 paise on transaction of Rs. one lakh. All deposits in the bank account cannot be treated as income of the assessee. During the assessment proceedings, the learned AO came to know that assessee is working as shroff which means commission agent. After going through the bank statement, it was revealed that cash deposited and withdrawals were made regularly during the year under consideration. We do not find any ambiguity in the order passed by the learned CIT(A) and he has rightly directed the learned AO to compute the commission income @ 0.25 paise per lakh deposited in the bank account. Appeal of the Revenue is dismissed.
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