9911796707
TMI Blog2015 (9) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... ee, the assessee has categorically stated that, “AO never requisite the parties to whom he summoned to submit the copies of the bank statement for full year. He had merely asked the parties to show him the bank statement for financial year 2005-06, which had been duly perused by him during the course of attendance of the summoned parties wherein he asked from the party the relevant part of the copy of the bank statement wherein transaction had taken place with the assessee. He also perused the books of account and bills and vouchers which had been produced before him, but the AO had observed contrary to the same. Similar is the position in regard to other parties which we do not propose to go into detail - matter be restored to the file of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng any material to the assessee which itself is against the Principle of Natural Justice. 5. That the CIT(A) erred on facts and circumstances of the case wherein without any substance in his logic for estimating the income 'of the assessee he proceeded to estimate merely on conjecture and surmises. 6. That the CIT(A) erred on facts and circumstances of the case wherein he did not find or identified any single transaction effectively carried out by the assessee and without proving the same to be as sham transaction wherein the AO and CIT(A) harbored a supernatural belief that in transferring the funds on account of sale and purchase the assessee must be earning some sort of commission income which is illegal and baseless merely on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umbo Consultants Pvt. Ltd. (v) M/s Thunder Exports Pvt. Ltd. (vi) M/s Guard Commercial Pvt. Ltd. 2.2. The AO has noted that no response was received from M/s Joy Commercial Pvt. Ltd. and /s Glory Commercial Pvt. Ltd. and in case of other four, the notices issued u/s 133(6) returned unserved. After considering all these aspects, the AO concluded that assessee was an entry operator, inter alia, observing as under: The actual position is that the assessee M/s Jagrati Traders Pvt. Ltd. is a part of the Vikas Holding Pvt. Ltd. group being run by Ajay Kumar and Pradeep Kumar and these two persons are running more than 30 bank accounts of various concerns including the assessee company. The entire group has been subject of certain inq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the shares have been claimed to have been sold during the year under consideration. 2.5. The AO submitted its remand report, which has been reproduced in para 5.1 of the CIT(A) s order. The said remand report was provide to assessee. The assessee s rejoinder has been reproduced in para 5.2 of CIT(A) s order. 2.6. After considering the reply, the ld. CIT(A) determined the commission/ brokerage @ 1.5% on the total bank entries of ₹ 2,13,34,810/-, which came to ₹ 3,20,022/-. 3. Ld. counsel for the assessee submitted that the CIT(A) has not considered the detailed reply filed by the assessee. He prayed that the matter may be restored back to the file of AO for de novo consideration. 4. Ld. DR relied on the order of C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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