9911796707
TMI Blog2010 (1) TMI 768X X X X Extracts X X X X X X X X Extracts X X X X ..... venue for Assessment Year 2001-02 arises out of order of ld.CIT(A), Muzaffarnagar. 2. The grounds of appeal raised by the assessee reads as under:- 1. That the Ld. Commissioner of Income Tax(Appeals) has erred in law and on facts by deleting the additions of Rs.60,13,945/- shown as miscellaneous income commission (Net) and share income of Rs.99,124/- as share income made by Assessing Officer under the head "Income from Other Sources". Since the company is not in the business of purchases and sales of shares and commission work which had been shown as business income to be set off the huge brought forward losses. In similar cases of M/s Ashirwad Steel and Alloys (P) Ltd. for A.Y. 2000-01. The Ld. CIT (Appals), Muzaffarnagar held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come earned by way of commission from M/s Kundan Rice Mills Ltd. The assessee had filed documentary evidences regarding the income earned before the Assessing Officer. It was also submitted that similar type of income had been assessed as business income in earlier years as well as in subsequent years. Reliance was placed on the decision in the case of M/s Doaba Rolling Mills Pvt. Ltd. wherein the ld. Commissioner of Income-tax as well as the Income-tax Appellate Tribunal for the Assessment Years 1995-96 and 2000-01 have held that income from commission was assessable under the head "Business". The assessee also relied on the decision of ld. CIT(A) for Assessment Year 2004-05 in which similar income was held to be in the nature of business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see included carrying on of business on commission basis and, therefore, it was held that commission received was in line with the objects by the assessee company and had to be assessed as business income. In the case before us, the assessee had not filed copy of Memorandum of Association to justify that commission is to be assessed as business income. Further, ld. CIT(A) has not discussed anything as to why the commission income should be assessed as business income. For Assessment Year 2004-05 in the case of assessee, nothing has been discussed about the objects of the company. He has simply placed reliance on the decision of M/s Doaba Rolling Mills Pvt. Ltd. The assessee had not provided copy of Memorandum of Association so as to verify ..... X X X X Extracts X X X X X X X X Extracts X X X X
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