TMI Blog2004 (11) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... to bring out any evidence that the transactions in question were not done by it, but the transactions were conducted on commission basis and, therefore, the Commissioner of Income-tax (Appeals) was not justified to observe that the appellant should be treated as conducting all the transactions on commission basis without any material brought on record by the appellant – no infirmity in tribunal’s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Five persons appeared and the remaining five for reasons best known did not appear. On the basis of the statement recorded in respect of the persons who had appeared before the Income-tax Officer had accepted the plea of the appellant acting as commission agent in respect of these persons, whereas in respect of the remaining five persons who did not appear the Income-tax Officer treated the trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s directed to accept the appellant as an 'arhatiya' for this year and also to accept the profit from commission shown by him." The Commissioner of Income-tax (Appeals) treated the appellant as a commission agent. The Revenue feeling aggrieved preferred an appeal before the Tribunal. The Tribunal, by the impugned order has allowed the appeal filed by the Revenue and has held that the assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he summons issued under section 131 of the Act, an adverse inference should not have been drawn. He further submitted that the appellant had received the payment by bank drafts and had only charged its commission and, therefore, the findings recorded by the authorities that it is a trader is perverse and based on no material on record. On a perusal of the order passed by the Assessing Officer on r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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