9911796707
TMI Blog2014 (1) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Ld. Commissioner of Income Tax (A) in his appellate order - assessee has not submitted the details of her business to the Assessing Officer in the return of income – the matter remitted back to the AO for fresh adjudication – Decided in favour of Revenue. Cross objection to be entertained – Held that:- The cross objections raised by the assessee needs to be reconsidered by the AO – Decided in favour of Assessee. - ITA No. 5266/Del/2012 & C.O. No. 460/DEL/2012 - - - Dated:- 26-7-2013 - Shri I. C. Sudhir And Shri Shamim Yahya,JJ. For the Petitioner : Sh. P. C. Yadav, Adv. Sh. Rajesh Jain, CA For the Respondent : Sh. Sameer Sharma, Sr. D.R. ORDER Per Shamim Yahya : AM. This appeal by the Revenue and Cross Object ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.2008 declaring taxable income of Rs. 2,49,120/-. During the year under consideration the assessee has started business of trading in food grain. The sale proceed from the above business amounted to Rs. 36,22,000/- and assessee has deposited a sum of Rs. 35,50,000/- in her regular bank account no. 017101002859 with ICICI Bank, Saket, New Delhi out of the sale proceeds of food grain business. During the assessment proceedings, a sum of Rs. 1,81,000/- was voluntarily offered for taxation representing net profit of 5% u/s. 44AF on turnover of Rs. 36,22,000/- of the food grain business as the same could not be reflected in the regular return due to the persistent medical problem of her husband. The Assessing Officer has added the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case during the assessment proceedings. Ld. Commissioner of Income Tax (A) gave a finding that copy of the cash memos were verified by him which clearly proves that cash deposits by the assessee was out of the sales made by her. 7. Ld. Commissioner of Income Tax (A) further observed that assessee did not disclose these transactions in the return of income due to genuine reasons and has offered the same for taxation u/s. 44AF. Ld. Commissioner of Income Tax (A) further noted that assessee has also given capital account and balance sheet of the preceding year. He noted that assessee had taken a loan of Rs. 20 lacs from Abhishek Buidcom Pvt. Ltd. during the financial year 2006-07. Ld. Commissioner of Income Tax (A) observed that Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner of Income Tax (A) assessee claimed that she has started the trading of food grains during the year and submitted the bills, purchase vouchers. These submissions were remanded to Assessing Officer for his comments. Ld. Commissioner of Income Tax (A) was not satisfied with the Remand Report in this regard. He observed that Assessing Officer has failed to examine the facts of the case during the assessment proceedings. Ld. Commissioner of Income Tax (A) proceeded to hold that Assessing Officer had not made necessary enquiries into the aspects of the loan and capital account. He observed that assessee has produced the cash memo, but the Assessing Officer was adamant not to enquire into the details. Considering the same, Ld. Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
