2016 (7) TMI 531

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ench, Amritsar (hereinafter referred to as - the Tribunal). The issue raised in the present appeal pertains to the assessment year 2007-08 and seeks to raise the following questions of law :- "1. On the facts and the circumstances of the case whether the ld. ITAT is right in law in deleting the addition of Rs. 70 lacs made by the A.O. and confirmed by the Ld. CIT (A) ignoring the fact that the A.O. had sufficient evidence and reasons to make the addition. 2. On the facts and the circumstances of the case whether the Hon'ble Tribunal is right in law in deleting the enhancement made by the CIT (A) on account of commission accrued to the assessee and ignoring the fact brought out by the CIT (A) that the assessee himself had been declar .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... While dismissing the appeal, the Commissioner further directed enhancement to the already assessed income of the assessee to the tune of Rs. 8.60 lacs on account of commission, found to have been earned by the assessee @ 2% on the transaction of sale and purchase of land on behalf of the Company for Rs. 4.30 crores, which amount was admittedly received by the assessee from the Company for that purpose. On the passing of aforereferred order by the Commissioner, the assessee knocked the doors of the Tribunal, which, on the consideration of the entire record and arguments advanced before it on behalf of the contesting parties, came to a categoric conclusion that the agreement, on the basis of which the addition had been ordered to be made by t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lacs, no contrary opinion could have been formed to hold this amount to be the income of the assessee. The Tribunal further noted that the Commissioner had not denied that the assessee was not maintaining books of accounts on mercantile system. It was further found that the assessee had duly declared on behalf of the Company the completion of the transactions regarding sale and purchase of land with the money received from the Company and the commission received in pursuance to such deals in the returns filed for the following assessment year i.e. 2008-09, which fact was not disputed by the Department. In view of the above, the Tribunal held that the addition of Rs. 70 lacs to the income of the assessee and the enhancement to the already a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X