TMI Blog2017 (12) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... the sum of ₹ 8,74,922/- as gross commission received, out of which major portion is included in the total credits sum of ₹ 12,63,839/-. We find that these facts were not examined by the ld AO. Hence we deem it fit and appropriate to set aside these issues to the file of the ld AO for denovo adjudication and frame the assessment afresh in accordance with law. Appeal of the assessee is allowed for statistical purposes. - I.T.A No. 1769/Kol/2016 - - - Dated:- 14-6-2017 - Sri A.T.Varkey, JM And Shri M.Balaganesh, AM For The Appellant : Shri Suvo Chakraborty, Advocate For The Respondent : Shri G.H.Sewa, Addl. CIT ORDER Per M . Balaganesh, AM 1. This appeal of the assessee arises out of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is a Commission Agent of Golden Trust Financial Services (GTFS) and had filed his return of income for the Asst Year 2007-08 on 28.3.2008 disclosing taxable income of ₹ 2,13,780/-. The gross commission received by the assessee was ₹ 8,74,922/- which was credited in the income and expenditure account prepared by the assessee and filed before the ld AO. The assessee earned a net profit of ₹ 3,13,780/- and the same was duly reflected as Gross Total Income of the assessee in the return of income and after claiming deductions under Chapter VIA to the tune of ₹ 1,00,000/-, the assessee disclosed taxable profit of ₹ 2,13,780/-. The ld AO observed that the assessee had disclosed his bank account maintained w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.09.2006 31,717/- 10 12.09.2006 15,000/- 11 20.09.2006 29,539/- 12 20.10.2006 19,622/- 13 09.11.2006 6,50,000/- 14 22.12.2006 33,028/- 15 03.01.2007 2,488,.89/- 16 12.01.2007 11,867/- 17 17.02.2007 6,669/- 18 26.02.2007 500 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that though the assessee had debited various expenses in his income and expenditure account and claimed the same as deduction, the same were supported only by self made vouchers and no supporting evidences were submitted by the assessee. Accordingly he estimated the allowability of expenses @ 50% of gross commission received by placing reliance on the Circular No. 553 dated 15.5.1991, 648 dated 30.3.1993 and 677 dated 28.1.1994. Accordingly, he disallowed a sum of ₹ 4,37,461/- in the assessment. 6. The ld AO by making the aforesaid addition / disallowance, determined the total income of the assessee as under:- Gross Commission received 8,74,922 Less: Deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... maintained by assessee with his wife. Hence cheques of both assessee as well as his wife are permitted to be deposited thereon. In the instant case, we find that the cheques received from GTFS by both assessee as well as his wife were deposited in SBI account. We find that the ld AR had filed the details of amounts received from GTFS throughout the year together with its mode of receipt for both assessee as well as his wife. From the same, it is glaring on us that on the same day, two cheques were issued by GTFS independently for assessee and another for his wife. Both these cheques were deposited in SBI. For example on 13.6.2006, the assessee has received ₹ 29,169/- and his wife has received ₹ 15,486/- and there is a single cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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