ASSESSMENT PROCEEDING OF I.T. ACT

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..... SITUATION 1 : PERSON WORKING AS A COMMISSION AGENT OF BANK AND HE IS PAYING COMMISSION TO OTHER PERSONS. IN SUCH SITUATION SUPPOSSE IF HE RECEIVED COMMISSION FROM BANK IS 60 LACS HE HAS PAID COMMISSION TO OTHER PERSONS IS 38 LACS. FURTHER PERSONS TO WHOM HE HAS PAID COMMISSION ARE IN LARGE NUMBER ( 60 NOS ) AND MANY ARE NOT TRACABLE NOW. THOUGH HE HAS PAID COMMISSION BY A/C PAYEE CHEQUE ONLY. .....

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..... IN CASE OF ASSESSMENT PROCEEDING IF I.T.O WANT TO ISSUE NOTICE U/S 133(6) TO CHECK GENUINNESS OF THE TRANSACTIONS AND ASSESSEE IS UNABLE TO PROVIDE ALL THE PARTIES ADDRESS, WHAT REMEDY AVAIALBLE TO ASSESSEE? KINDLY GUIDE WITH SOME CASE LAW. WHAT KIND OF LEGAL GROUND CAN BE TAKEN IF ASSESSEE UNABLE TO PROVIDE ADDRESS OF THE PARTIES. SITUATION 2 : IN ABOVE STATED SAME SITUATION IF ASSESSEE HAS A .....

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..... LREADY TAKEN 70 TO 80 % CONFIRMATION FROM PARTIES WITH THEIR PAN CARD AND FURNISHED TO I.T.O. EVEN THOUGH IF I.T.O WANT TO ISSUE 133(6) TO THE PARTIES TO WHOM COMMISSION HAS BEEN PAID AND ASSESSEE IS NO HAVING ADDRESS OF THE PARTIES. WHAT LEGAL GROUD CAN BE TAKEN BEFORE ITO. IF RELEVANT JUDGEMENT IS THERE, PLEASE PROVIDE. - Reply By MOHAN S - The Reply = Dear Pravin, Pleaseunderstand that i .....

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..... n law, it is the person, who claims a deduction or expenditure, has to prove that bhis claim is genuine. The Assessing officer has every right to examine the claim and u/s 133(6) he has the right to summon or seek the confirmation from the persons to whom the assessee claims to have paid the commission. The assessee is bound to establish the genuineness of the claim by producing the identity of .....

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..... the payees such as their address. Mere payment of he commission by "account payee" cheques itself will not relieve the assessee from his burden of discharging the onus of assessee. - ASSESSMENT PROCEEDING OF I.T. ACT - Query Started By: - PRAVIN SINGH Dated:- 21-7-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax M .....

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..... anagement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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