TMI Blog2016 (10) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Since this issue became final, the sole question before the Tribunal was what would be the appropriate rate of commission to be taxed in the hands of the assessee. It is true that the Tribunal has given rather brief reasons for reducing the rate of commission from 5% to 1%. However, in facts of the case, we would not remand the proceedings for insisting on proper reasons to be recorded by the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y basis or specific findings after agreeing that assessee was facilitating cash deposits and issuing DD/pay orders etc.? 2. For the assessment years 199-2000, 2000-2001, 2003 Page 2004 and 2004-2005, the Assessing Officer made substantial additions in case of respondent treating the cash payments as unaccounted cash credits. In other words, the entire amount was treated as income of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of CIT(Appeals) which goes to the root of the matter regarding the nature of involvement of the assessee in the cash found. In other words, CIT(Appeals) came to the conclusion that cash did not belong to the assessee but he was merely a commission agent. Since this issue became final, the sole question before the Tribunal was what would be the appropriate rate of commission to be taxed in the h ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
