TMI Blog2017 (5) TMI 1100X X X X Extracts X X X X X X X X Extracts X X X X ..... ial available before him. The assessee despite availing a number of opportunities has not come forward to substantiate his version. Thus, in these circumstances, we do not find any good reason to interfere in the order passed by ld. CIT(A) - Decided against assessee. - ITA No.4623/Mum/2013 And ITA No.4624/Mum/2013 - - - Dated:- 5-5-2017 - SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER For The Assessee : None For The Revenue : Shri Kailash Kanojiya (DR) Order Under Section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. These two appeal by assessee under section 253 of the Income-tax Act (the Act) are directed against two separate order of ld. CIT(A)-39, Mumbai dated 07 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % commission income on Rs, 10,49,000 be taxed not accepting the fact that ₹ 10,49,000 is a part of total cash receipts of ₹ 13, 89, 11,705. 7. The learned CIT(A) erred in holding that 4% commission be taxed on ₹ 1,72,85,000/- not accepting the fact that the total receipts of ₹ 13,89,11,705 commission has been taxed. 8. The learned CIT(A) erred in confirming addition of ₹ 31,99,965 not accepting the fact that the said amount is included in the total cash receipt of ₹ 13,89,11,705 on which commission of 4 income is taxed. 3. The background facts are that the assessee filed return of income on 31.10.1997 declaring taxable income of ₹ 78,804/-. Subsequently a revised return was filed on 08.10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee provided bogus purchase bills to the Naphtha dealers. The A.O. also observed that the assessee has accepted that he has indulged in this practice. Further, the A.O. observed that the assessee has accepted cash along with fabricated transport bills from the Naphtha dealers and deposited the cash in the bank accounts maintained by him and has issued demand draft/pay order to the Naphtha dealers. The A.O. has further stated that the assessee claimed that he used to get a fixed commission on the value of the bills. The tanker load of the Naphtha is clandestinely sold to the petrol bunk owners for adulteration and the owner pays the price of the tanker in cash to the Naphtha dealers. The purchase price of the Naphtha needs to be paid t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Petroleum Company 10,49,000 (9) Sale proceeds not recorded in books 96,70,356 (10) Investment in closing stock 76,14,644 (11) Unexplained receipts 31,99,965 (12) Unexplained receipts 20,29,000 5. On appeal before the ld. CIT(A), the addition of ₹ 14,59,699/- on account of net profit @ 4% on the sale of ₹ 3,64,92,934/-, unexplained cash credit in the balance of sundry creditor of ₹ 57,93,253/-, the addition on account of capital account of ₹ 1,84,076/-, unexplained incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ord. Thus, the appeal of the assessee is liable to be dismissed. 7. We have considered the rival contention of ld. DR for the Revenue and perused the material available on record. In the set-aside proceeding, the AO made the addition as referred in para 4 above. We have further noticed that against the addition, the assessee filed appeal before the ld. CIT(A). The ld. CIT(A) on the basis of material placed before him granted substantial relief deleting a number of addition. Before us, the assessee neither filed any documentary evidence nor any written submission to substantiate his claims. We have seen that the learned CIT(A) sustained the various additions on the basis of the incriminating material found against the assessee in the surv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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