TMI Blog2023 (4) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... 4% and credit of income disclosed by the assessee is to be given accordingly. Undisclosed contract receipt - Submission of the assessee is that as far as the different of Rs.5,00,000/- is concerned, it never came to his bank account, therefore, it was not recognized as a gross receipt on which profit is to be worked out. The revenue authority failed to find out any fault in this submission. They simply rejected. It is to be demonstrated from the details that the assessee has received the complete money and failed to offer income of the differential amount. Therefore, this fold of ground of appeal is allowed and the addition is deleted. CIT(Appeals) confirming the addition of commission income - non disclosure of full income in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. CIT(Appeals). The finding recorded by the ld. CIT(Appeals) on this issue is as under:- Ground No.l This ground is against addition of Rs.24,94,221/-. 4.1. In course of assessment proceedings, the AO found out that assessee was having undisclosed bank account as under: (i) Axis Bank Agartala A/C NO. xxxx 03863 (ii) Axis Bank Agartala 13305 (iii) Tripura State Co-op Bank Ltd. 00530 When assessee was queried regarding the deposits in the said bank account, it was explained that the deposits were from sale proceeds of fish. It was argued that the whole of such sale proceeds should not be taxed. Against total deposit of Rs.3,98,68,655/-, Rs.6,03,762 was offered for tax. The AO was not convinced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld. Assessing Officer has treated the net amount as undisclosed business receipt at Rs.3,1177,632/-. On this amount, he estimated the profit at 8% and made an addition of Rs.24,94,221/-. The case of the assessee is that a perusal of this Bank account would reveal that all these amounts have been paid to the suppliers of the fish. In other words, he is working as a commission agent of fish market. The suppliers of the fish, i.e. fishermen used to supply him the fish, which were sold by him in the open market on their behalf. The sale proceeds of the fish were deposited in his account and thereafter payments were made to the fishermen. How the ld. Assessing Officer has estimated the profit at 8%, no basis is discernable either in the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und is against addition of Rs.60,000/-. 5.1.According to the AO, contract receipt of assessee was Rs.75,25,097/- per 26AS- However, contract receipt shown in return was Rs.70,25,097/- only. Before the AO, initially, it was stated that the undisclosed contract receipt may be taxed at G.P. rate disclosed in the return. Subsequently, it was stated that undisclosed contract receipt was shown as part of receipt from business of purchase and sale of fish. AO rejected the claim of assessee. He found out that G.P. of disclosed contract receipt was @10.99%. He took the G.P. @ 12%. It led to addition of Rs.60,000/-. 5.2. In appeal, it was stated that the return was filed on basis of facts available while preparing the said return. All pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ld. Assessing Officer, the assessee earned commission income of Rs.12,479/- but disclosed only a sum of Rs.8,950/- in the return. The balance was not offered, hence, it is added. The ld. Assessing Officer has not brought any facts of the records. He has simply observed like this, the assessee has submitted that nothing such type of facts are reflected in TDS statement filed under section 226AS by the prayer. Therefore, there is no basis to make this addition, it is deleted. 10. Under other grounds, the assessee has challenged levy of interest under sections 234A, 234B 234C. It is consequential in nature. 11. In the result, the appeal of the assessee is partly allowed. Order pronounced in the open Court on 30. 03. 2023. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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