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2015 (7) TMI 19 - BOMBAY HIGH COURT

2015 (7) TMI 19 - BOMBAY HIGH COURT - TMI - 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 boo .....

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the Respondent : Mr P J Pardiwala, senior counsel 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) d .....

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adding the same income under Section 28(v) 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 .....

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concern of assessee where a credit for inward 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 Comp .....

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n support of the fact that the work was done 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 fr .....

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