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Commissioner of Income Tax-8 Versus Industrial X-Ray And Allied Radiographers (India) Pvt. Ltd.

2015 (7) TMI 19 - BOMBAY HIGH COURT

Addition to the appellant's income in terms of Section 28(iv) read with Section 41(1) - ITAT deleted the addition - Held that:- From the ledger account of the concern, it was seen that ₹ 65,66,686/- have been transferred to the appellant's account for the reason that the amount was received on appellant's behalf from M/s.Hi-Tech Trading, Oman. The same was credited to the account of M/s.Hi-Tech Trading, Oman as on 31.3.2000 in the appellant's books which had continued from 2000 to 2006 as .....

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ounsel with Atul Jasani ORDER P.C. 1. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 14 December 2012 passed by the Income Tax Appellate Tribunal (the Tribunal). The assessment year involved is 2006-07. 2. The basic grievance of the revenue is that on the facts and circumstances of the case the Tribunal was not justified in upholding the order of the Commissioner of Income Tax (Appeals) deleting the addition of ₹ 64.29 lacs t .....

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read with Section 41(1) of the Act for the subject assessment year. 4. In appeal, before the Commissioner of Income Tax (Appeals), the respondent-assessee urged that the contract with M/s.Hi-Tech Trading Company was completed in 1998-99 and payment was received through its sister concern. The amounts so received were credited towards advance instead of sales. The Commissioner of Income Tax (Appeals) called for a remand report from the Assessing Officer. The Assessing Officer in his remand report .....

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rd remittance of ₹ 75,01,065/- is appearing on 15.4.1999. assessee has filed Ledger Account of M/s.X-Ray Accessories Mfg. Company. From the ledger account, it is seen that an amount of ₹ 65,66,686/- has been transferred to the assessee company's account on 31.3.2000 for the reason that the same was received by them on assessee's behalf from HI-TECH TRADING OMAN. The same has been shown as credit to the account of HiTech Trading Company as on 31.3.2000 by assessee in its books .....

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in or around 1996-97. HI-TECH INSPECTION SERVICES LLC, OMAN has also confirmed this fact. However, the sales remained to be accounted in that year. On the basis of the evidences now submitted, it appears that the amount is not taxable in the assessment year 2006-07." (emphasis supplied). On the basis of the above remand report the Commissioner of Income Tax (Appeals) deleted the additions holding as under: "AO in the report has noted that from the statement of bank account of M/s.X-Ra .....

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