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TMI Blog2019 (9) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the accommodation entries provided outside the group and accommodation entries pertaining to intra-group transactions, the issue is remanded back to the AO to decide afresh after providing adequate opportunity of being heard to the assessee, in the light of the findings returned herein above. - Appeal filed by the assessee is allowed for statistical purposes - ITA No.2208/Del./2015 - - - Dated:- 22-7-2019 - SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessee by: Shri V.P. Gupta, Advocate, Shri Anunav Kumar, Advocate Revenue by: Ms. Nidhi Srivastava, CIT DR ORDER PER KULDIP SINGH, JUDICIAL MEMBER : Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th reference to the same. 4. That the CIT(A) erred in not following the directions of the Hon'ble Tribunal given vide order dated 18.10.2013 in accordance with which the rate of commission was to be determined taking into consideration precedence on the issue and the appellant had duly submitted number of precedence before the CIT(A) in accordance with which the rate of commission in the business of providing accommodation entries was ranging 0.25% to 0.5%. 5. That the CIT(A) erred in upholding addition made by Assessing Officer as per the information available on AIR of transactions of sale of shares of MIs Prakash Industries without appreciating that the Appellant had given evidence for purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Ld. AR for the assessee challenging the impugned order contended that in certain appeals pertaining to Tarun Goyal Group of companies for AYs 2006-07, 2007-08 2008-09, commission income qua accommodation entries has been determined @ 0.50%. It is further contended that the commission income is to be determined only qua the entries provided outside the books and not in case of intra-group transactions. However, on the other hand, ld. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , accordingly, direct the Assessing Officers to adopt 0.50% or 0.50 paise and compute the profit accordingly. 23. Following the decision rendered by the coordinate Bench of the Tribunal, AO is directed to adopt the decision of Group cases of Tarun Goyal (supra) and computed the profit accordingly in these cases also. 24. So far as appeals bearing ITA Nos.484/Del./2015, 6516/Del./2015 6710/Del./2016 filed by the assessees are concerned, one of the issue is as to upholding the commission income @ 2.25% in case of Bhawani Portfolio Pvt. Ltd. and Geefcee Finance Ltd. and @ 2% in case of Tejasvi Investments (P) Ltd. by the ld. CIT (A). This issue is also decided in favour of the assessee by following th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Impex Pvt. Ltd. (supra) of Tarun Goyal Group of Cases. So, AO is directed to determine the rate of commission by adopting the decision of Tarun Goyal Group of Cases. AO is also directed to exclude all intragroup entries in the bank account as per directions of the Tribunal, as discussed in para 25 above, and then compute the commission income @ 0.50%. Since the assessee has not given any segregation of the accommodation entries provided outside the group and accommodation entries pertaining to intra-group transactions, the issue is remanded back to the AO to decide afresh after providing adequate opportunity of being heard to the assessee, in the light of the findings returned herein above. Consequently, appeal filed by the assessee is allo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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