TMI Blog2018 (2) TMI 1579X X X X Extracts X X X X X X X X Extracts X X X X ..... p them in good humour and such further discount are debited in the profit and loss account. Thus find force in the above submission of the assessee. But in absence of full details the entire payment of cash and discount cannot be accepted. It shall be in the interest of justice to estimate such cash discount @1% of the sale. - Decided partly in favour of assessee. - ITA No.219/CTK/2017 - - - Dated:- 30-11-2017 - Shri N. S. Saini, Accountant Member For the Assessee : Shri S.N.Sahu, AR For the Revenue : Shri D.K.Pradhan, DR ORDER This is an appeal filed by the assessee against the order of the CIT(A)-2, Bhubaneswar, dated 23.02.2017. 2. The sole grievance of the assessee in this appeal is that the CIT(A) erred in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er book at pages 10 to 13. He further submitted that no appeal was filed there against by the department and the order has attained finality. Thus, it was his submission that there was no change in facts in the present year under consideration and, therefore, on the very basis of the same facts no disallowance out of discount and commission of ₹ 15,40,933/- was warranted. He further argued that in the assessment year 2010-2011, the assessee had shown net profit of 0.66% and in assessment year 2011-2012 the assessee had shown net profit of 0.59%, which was accepted by the department. He submitted that in the year under appeal the assessee has shown net profit at the rate of 0.77% which is higher than what was accepted by the department ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that similar discount and commission claimed at ₹ 14,34,572/- was allowed in the assessment of that year. I find that in the immediately preceding assessment year 2012-2013 5% of discount and commission was disallowed by the AO which was deleted by the CIT(A) on the ground that the disallowance of 5% was without any material or basis. However, I find that in the year under consideration the disallowance was not made on any estimate basis but was made for absence of evidence or details. Therefore, the facts of the instant year is distinguishable from the facts of the preceding years. The assessee submitted before us that after the invoice is raised further discount is allowed to buyers to keep them in good humour and such further dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
