TMI Blog2019 (5) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... nk account of assessee - HELD THAT:- The authorities below have rightly followed the directions of the ITAT issued in first round of proceedings. Assessee cannot take a new plea to challenge the addition u/s 68 of the Act when the first order of the Tribunal has reached finality. Since there is a cash credit appearing in the books/bank account of the assessee, therefore, burden was upon the assessee to explain the same to the satisfaction of the AO as per directions of the Tribunal. Even before us Ld. Counsel for assessee was not able to demonstrate as to how the peak addition could be made in the case of the assessee. We, therefore, do not find any justification to interfere with the orders of the authorities below. Addition of ₹ 4,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lerks, receptionist, etc. All the documents including blank cheques were got signed from these employees on the direction of Shri Tarun Goyal. Shri Tarun Goyal in his statement recorded during the course of search admitted to have provided accommodation entries to various parties. The AO noted the fact in detail in the assessment order. The AO held that the assessee has charged commission at different rates. For the purpose of calculating commission income of the assessee, the rate of commission was taken at 2.25% on the basis of the seized material. The AO considered the account of assessee and balance sheet as on 31.03.2003 and observed that assessee company had made investment in unquoted shares of different companies. The amount of inve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l taken up the matter afresh and noted that Tribunal has put the burden of proof on the assessee. The assessee was asked to submit details and source of bank deposits and to substantiate the transactions. The AO noted that assessee was asked to furnish fund flow chart relating to accommodation entry operation and to demonstrate the unbroken chain of transactions relating to accommodation entries. The assessee submitted the transaction details in bank account only in respect of companies which are under assessment in this charge. The details in respect of intervening assessment years which were not under assessment, were not filed. No details of fund flow in the accounts of the other group companies were filed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. On ground nos. 1 to 4 assessee challenged the orders of the authorities below in computing the commission income by applying profit rate of 2% for commission income. Ld. Counsel for assessee submitted that ITAT Delhi B Bench in group appeals (86 appeals) vide order dated 23.01.2019 decided the similar issue in which five appeals of the assessee have also been decided for AY 2004-05 to AY 2008-09 and the Tribunal directed to apply profit rate of 0.50% to compute the reasonable commission in the matter. Copy of the order is filed on record. Ld. DR did not dispute the same. In view of the above, we are of the view since in the case of the assessee in subsequent years as referred to above and in the case of group assessees the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be explained by that assessee. The assessee shall have to prove the identity, creditworthiness and genuineness of the transaction. In case same is not proved, addition may be made u/s 68 of the Act. It was also directed that the AO after examining the evidence submitted by assessee consider the issue and restrict the addition u/s 68 of the Act to only peak unexplained credit in each case after eliminating circular transaction. The directions of the ITAT are very specific and burden was upon the assessee to prove its case as per the directions of the ITAT. However, assessee failed to explain anything before the authorities below. The assessee was not able to explain any of the bank entries contained in the bank account of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
