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TMI Blog2016 (11) TMI 1668X X X X Extracts X X X X X X X X Extracts X X X X ..... ormity with the position upheld by the Tribunal in the group concerns of the instant assessee. Therefore, we hereby affirm the order of CIT(A) and accordingly, Revenue fails in its appeal. - ITA NO. 886/MUM/2012 - - - Dated:- 18-11-2016 - SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER For The Assessee : Shri Mukesh Choksi For The Revenue : Shri A. Ramachandran ORDER PER G.S. PANNU, AM : The captioned appeal by the Revenue is directed against the order of CIT(A)-37, Mumbai dated 8.11.2011, pertaining to the Assessment Year 2003-04, which in turn has arisen from the order passed by the Assessing Officer, Mumbai under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.2015. It has also been pointed out that the instant assessee as well as M/s. Goldstar Finvest Pvt. Ltd. (supra) are part of the same group wherein the controversy is similar. Apart from the aforesaid, reliance has also been placed on the following decisions:- i) M/s. Mihir Agencies Pvt. Ltd., ITA Nos. 6114-6120/Mum/2012 dated 6.1.2016; ii) M/s. Alliance Intermediateries Network Pvt. Ltd., ITA Nos. 2700, 2702 2701/Mum/2013 dated 24.2.2016. wherein identical issues have been decided in the case of sister concerns. 4. In order to appreciate the background, the relevant facts are that the respondent-assessee is a company incorporated under the provisions of the Companies Act, 1956, which is a part of group of concerns, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... odus operandi has been accepted and the income has been assessed only on account of commission earned on providing accommodation entries and that the entire amount of credits appearing in the bank account was not assessed in the hands of such entities. Accordingly, the CIT(A) has set-aside the addition of ₹ 4,78,94,000/- made u/s 68 of the Act and instead, directed the Assessing Officer to restrict the addition to commission income calculated @ 0.15% of the total credits reflected in the bank account. Against such a decision of CIT(A), Revenue is in appeal before us. 5. The learned representative for the respondent-assessee pointed out that in the case of other group concerns, which were also covered by the search action carried o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olved. Therefore, the decision of Tribunal in the case of M/s. Goldstar Finvest Pvt. Ltd. (supra) is applicable in the instant case on all fours and the following discussion in the order of Tribunal is relevant :- 5. We have gone through the orders of lower authorities and the orders of the co-ordinate bench of Tribunal in assessee s own case and other orders relied upon by the assessee. It is noted by us that identical issue had came up before the Tribunal in assessee s own case for the assessment year 2002-03. The relevant observations from the Tribunal s order are reproduced below: 12. Having, carefully examined the various orders in the case of different assessees' it has become amply clear that in these types of activit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee and set aside the order of the CIT (A) in this regard. 6. It is further noticed by us that this stand has been constantly accepted by the Tribunal in various orders, details of which have been given by the ld. Counsel, as mentioned above. We have gone through the orders as enclosed in the paper book filed by the assessee and find that the ld. AR has correctly stated that this issue has been unanimously accepted by the Tribunal in various cases including the case of assessee. Nothing has been brought on record by the ld. DR to distinguish these cases. Therefore, respectfully following the orders of the Tribunal including the order of Tribunal in assessee s own case in the immediately preceding year, we find that the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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