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TMI Blog2021 (7) TMI 503X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee to produce the proof towards the expenditure claimed by the assessee as against such receipts As seen from the assessment order that the AO required the assessee to explain within one day from the receipt of his letter and thereafter he concluded that the assessee did not explain and completed the assessment on 29.12.2017 taking a different turn. The assessee had placed whatever material available with him and made an attempt to substantiate his claim. It appears that the AO was inconsistent in his approach and completed the assessment without appreciating the material placed before the AO. Therefore, the order of the Ld. CIT(A) is set aside and the issues are remitted back to the AO for a fresh examination and due assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in scheme of Fine India Sales Private Limited, and Ultra Holidays which was launched under the guise of Multilevel Marketing, in which goes on chain link. In this scheme, if one member was made to join by depositing the sum of ₹ 10,000/- which will run 60 months with a income of 10%. The assessee deposited a sum of ₹ 10,000/- through ICICI Bank to Fine India Sales Private Limited, afterwards he also joined in the scheme some persons, and introduced them also. Since, those persons did not have savings bank account in ICICI Bank, the assessee utilised his SB account and they also got 10% income. Those persons were made to admit some more members in the business and such amount were deposited in the assessee's bank account and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not applicable when gross receipts exceeds 40 lakhs. One of the two companies M/s. Ultra Holidays confirmed that the amount earned through was commission u/s. 194AH and deducted TDA of ₹ 5,419/- etc. The Ld. CIT(A) without duly considering the material, plea etc merely dismissed the appeal. 4. Inviting our attention to the materials in the paper book, The Ld. AR further submitted that the assessee, an individual was merely earning commission through Multilevel Marketing. He was unaware that the records were to be maintained for so many years. Inspite of it, whatever materials was available with him has placed them before the Assessing Officer. The Ld. AR invited our attention to the paper book wherein, the assessee's letter dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terial, assessee's submission etc that the AO originally proposed the cash withdrawals from the assessee's bank account as assessee's income which the assessee also admitted as commission and interest by his letter dated 22.12.2017 to accept receipts at ₹ 8,41,341/- as his receipts and required the assessee to produce the proof towards the expenditure claimed by the assessee at ₹ 6,69,041/- against such receipts. It is seen from the assessment order that the AO required the assessee to explain within one day from the receipt of his letter and thereafter he concluded that the assessee did not explain and completed the assessment on 29.12.2017 taking a different turn. The assessee had placed whatever material available ..... X X X X Extracts X X X X X X X X Extracts X X X X
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