9911796707
TMI Blog2016 (10) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... he details including the actual amount of the turnover and the actual amount received by the assessee and the AO has not pointed out any peculiar point on the basis of which the calculation and income offered by the assessee can be faulted with. We accordingly restrict the income offered from the accommodation bills turnover at the rate of 1% as against 3% estimated by the AO. Before parting, it is made clear that our above observations will not have any bearing in any other case as such type of cases have to be decided on their own merits. - Decided in favour of assessee. - ITA No.7426/M/2014 - - - Dated:- 19-10-2016 - SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER Assessee by : Shri Jigna Parekh, A.R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee company was providing accommodation bills to certain parties apart from doing the actual business of trading in ferrous and non ferrous goods. The turnover declared by the assessee was bifurcated into two parts viz. i) actual business turnover and ii) turnover due to accommodation bills. The assessee declared the net profit from the turnover of accommodation bills at the rate of 1% in the return of income. However, the Assessing Officer (hereinafter referred to as the AO) estimated the same at the rate of 3% of the turnover. Being aggrieved by the above order of the AO, the assessee preferred appeal before the Ld. CIT(A). 4. It was pleaded before the Ld. CIT(A) that the profit at the rate of 3% was excessive; that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain decisions of the Tribunal wherein the commission income from such accommodation bills has been estimated or accepted by the Tribunal even at a rate which is less than 1% of the turnover. She has mainly relied upon the decision of the co-ordinate bench of the Tribunal in the case of Saroj Anil Steel Pvt. Ltd. vs. ITO . She has stated that in the said case also that assessee was in the similar business as that of the present assessee and in the said case the commission income was estimated by the AO at the rate of 1% of the turnover. But the Ld. CIT(A) in the appellate proceedings directed the AO to estimate the income of commission from hawala transactions at the rate of 0.4% of gross turnover. The Tribunal, however, directed the AO to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
