TMI Blog2023 (7) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... ame person from whom the said amount got credited to the Assessee or to some other persons for any consideration to arriving a conclusion that, the assessee is an entry provider and the said amount is the part of accommodation entry . In the absence of the details of the persons regarding credits and the payments made by the assessee, we are not in a position to uphold the order of the CIT (A). Order of the CIT(A) is reversed and the issue in dispute is restored to the file of the A.O. with a direction to the assessee to furnish the details of the deposits and withdrawals to the A.O. and details of the persons/firm/company so as to decide the issue afresh. Appeal of the Revenue are partly allowed for statistical purpose. - ITA No. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter dated 13/04/2023. Even after service of notice by way of affixture, the assessee failed to appear before the Tribunal, therefore, we deem it fit to decide the matter on hearing the Ld. Departmental Representative. 4. Brief facts of the case are that, the original assessment was completed u/s 144/147 of the Income Tax Act, 1961 ( Act for short) Act on 15/12/2010 at the total income of Rs. 6,71,84,200/-. The A.O. thereafter initiated proceedings u/s 147/148 of the Act on the basis of information received from DI (INV.) that the bank account of the assessee maintained with Ratnakar Bank Karol Bagh, was credited by cheques with an amount of Rs. 6,71,84,200/-. After recording the reasons, notice u/s 148 of the Act was issued, no complia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade u/s 263 of the Act, an assessment order came to be passed u/s 263/143(3) of the Act by adding an amount of Rs. 11,00,58,100/- to the income of the assessee as the assessee failed to discharge the onus to prove the genuineness of the transaction. 6. Aggrieved by the assessment order dated 31/03/2003 passed u/s 263/143 of the Act, the assessee preferred an appeal before the CIT(A). The Ld. CIT(A) vide order dated 22/02/2016, partly allowed the appeal by directing the A.O. to take the rate of commission at 0.60% on total turnover of Rs. 5,28,16,917/- which worked out to Rs. 3,16,801/- and directed the A.O. to restrict the addition to Rs. 3,16,801/- and deleted the balance addition. 7. Aggrieved by the deletion of the addition made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... troduced its own moneys through the said entities using the bank channel in the shape of cheques. The Ld. CIT(A) while deleting the addition held that the assessee doing the business of accommodation entries to the various person/beneficiaries, therefore, directed the A.O. to take the rate of accommodation entry at 0.60% on total turnover of Rs. 5,28,16,917/-(which is worked out to Rs. 3,16,801/-) thereby directed the A.O to restrict addition to Rs. 3,16,801/- and deleted the balance addition in following manners:- 3.2 There is only one issue involved in all the grounds of appeal, which relates to contention of the appellant against addition of Rs. 11,00,58,100/- made by the AO u/s 68 of the Act. The order was passed u/s 263/143(3) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as engaged in the business of providing accommodation entries. Further, the AO has also not brought any material on record to establish that the cash credits were out of unaccounted income of the appellant and the appellant was not an entry operator, Now the question remains that what was the rate of commission received by the appellant in lieu of providing accommodation entries. In this regard, reliance is placed on the judgment of ITAT, Delhi 'C' Bench in the case of JRD Stock Brokers Pvt. Ltd. Vs. AClT, reported in 124 TTJ (Del) 566, in which the, rate of commission was taken at 0.6% of the total turnover. Therefore, following the judgment of jurisdictional ITAT, the A.O. is directed to take the rate of Commission at 0.60%, on to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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