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2015 (9) TMI 996 - ITAT DELHI

2015 (9) TMI 996 - ITAT DELHI - TMI - Commission/ brokerage @ 1.5% on the total bank entries determined by CIT(A) - Held that:- As the observations made by the AO in the remand report were replied by assessee. However, they have not been considered by ld. CIT(A). We have examined the case of M/s Joy Commercial Pvt. Ltd. (with which the assessee claimed to have business transactions), wherein AO in the remand report, inter alia, observed that, ďa perusal of the details filed revealed that the ban .....

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e summoned parties wherein he asked from the party the relevant part of the copy of the bank statement wherein transaction had taken place with the assessee. He also perused the books of account and bills and vouchers which had been produced before him, but the AO had observed contrary to the same. Similar is the position in regard to other parties which we do not propose to go into detail - matter be restored to the file of AO for de novo consideration - Decided in favour of assessee for statis .....

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(Appeals) has not considered the facts of the case and legal Judgments of Jurisdictional Courts, ITAT and Supreme Court and other different courts of law as cited in the appeal while deciding the matter Of addition of income on estimation/guess work basis merely on surmises and conjectures. 2. That on the facts and in circumstances of the case the learned CIT(A.) has erred in law and on facts by upholding the finding of the AO regarding the Nature of business of the assessee without any cogent e .....

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n facts and circumstances of the case wherein without any substance in his logic for estimating the income 'of the assessee he proceeded to estimate merely on conjecture and surmises. 6. That the CIT(A) erred on facts and circumstances of the case wherein he did not find or identified any single transaction effectively carried out by the assessee and without proving the same to be as sham transaction wherein the AO and CIT(A) harbored a supernatural belief that in transferring the funds on a .....

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nance and advances. The assessee had filed its return of income, declaring loss of ₹ 1007/-. The AO noticed that the assessee company had dealt in the following shares: i. BVanzo Papers, ii. Explore Computers; iii. Bolt Synthetics; iv. Datta Finance & Trading; v. Deplomat International vi. Elent Steels vii. Makesr Agencies viii. Zig Zag Exports ix. S. S. A. Credits, x. Rose Alloys, xi. Commitment Financial Services etc. 2.1. He observed that none of these alleged companies had mentione .....

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M/s Glory Commercial Pvt. Ltd. (iii) M/s A. K. Kumar & Company (iv) M/s Jumbo Consultants Pvt. Ltd. (v) M/s Thunder Exports Pvt. Ltd. (vi) M/s Guard Commercial Pvt. Ltd. 2.2. The AO has noted that no response was received from M/s Joy Commercial Pvt. Ltd. and /s Glory Commercial Pvt. Ltd. and in case of other four, the notices issued u/s 133(6) returned unserved. After considering all these aspects, the AO concluded that assessee was an entry operator, inter alia, observing as under: The ac .....

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viding accommodation entries. The person/ party who provides such entry is known as Entry Operator and the person/ party taking such entry is called beneficiary. earning through commission. He, accordingly, made addition of ₹ 5,33,370/-, inter alia, observing as under: The total credits in the bank accounts of the assessee company (as per the bank book for Bank of India account maintained by the assessee) less the opening balance for the relevant period works out to ₹ 2,13,34,810/- ( .....

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ts: i) Detail of sale of shares to various parties during the year under consideration. ii) Copy of the statement for the year under consideration relating to the bank account of the appellant with Bank of India, Ansari Road, Delhi; and iii) Confirmation of accounts from the parties to whom the shares have been claimed to have been sold during the year under consideration. 2.5. The AO submitted its remand report, which has been reproduced in para 5.1 of the CIT(A) s order. The said remand report .....

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