9911796707
TMI Blog2017 (5) TMI 1623X X X X Extracts X X X X X X X X Extracts X X X X ..... rein under identical circumstances the Tribunal had estimated the commission income of the assessee @ 0.15 % of the aggregate value of the bogus bills/accommodation entries. - I.T.A. 4908/Mum/2016, I.T.A. 4910/Mum/2016 - - - Dated:- 17-5-2017 - S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member For the Appellant : Shri N.P. Singh-CIT-DR For the Respondent : Shri Ajay R. Singh ORDER PER Rajendra A.M.- Challenging the order dated 31.03.2016 of the CIT(A)-50,Mumbai,the assessee has filed appeals for the above-mentioned assessment years(AY.s).The assessee company is engaged in the business of manufacturing and sale of crystal and handmade artistic glasses.As the issue involved in both the AY.s is common ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AY 2009-10, 2010-11 and 2011-12 at ₹ 23.04 lakhs, ₹ 1.57 crores and ₹ 43.92 lakhs respectively. 3.Aggrieved by the order of the AO, assessee preferred an appeal before the First Appellate Authority (FAA).Before him, it was claimed that DJS was not authorized by the assessee to carry out any transaction or operate any bank account on its behalf.The FAA called for details from the bank and held that as per the documents provided by the bank the CMD had introduced DJS as one of the directors of the company,that the company had passed a resolution authorizing DJS to operate a bank account, that the submission of the assessee made in that regard were factually incorrect, that the bank account belonged to the assessee . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on income of the assessee @ 0.15 % of the aggregate value of the bogus bills/accommodation entries. We are reproducing para 12 of the order of the Tribunal in the case of Gold Star Finvest Pvt. Ltd.and it reads as under:- 12. Having, carefully examined the various orders in the case of different assessees' it has become amply clear that in these types of activities, brokers are only concerned with their c ommission on the value of transactions. Now the question comes what would be the reasonable percentage to the commission on the tota l turnover? The assessee has also made out a case that the customer s do not come directly to him and they come through a sub- broker who also charges a particular share of commission. In all th e ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
