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TMI Blog2022 (2) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... n to 0.50%. Therefore, the Grounds are partly allowed. - I.T.A. No. 413/Rjt/2015 - - - Dated:- 1-2-2022 - Waseem Ahmed , Member ( A ) And Suchitra Raghunath Kamble , Member ( J ) Appellant by : None Respondent by: Shri Ajai Pratap Singh, CIT D.R ORDER Per Waseem Ahmed, Accountant Member This is an appeal filed at the instance of the assessee against the order of the ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Officer, Ward-1 (2)(4), Rajkot as well as the Commissioner of Income Tax (Appeals) - 1, Rajkot has also erred in law as well as on facts in not considering the fact that appellant has incurred loss commission which he has confirmed on oath before the assessing officer, in a statement recorded u/s. 131(1 A) of the Act. 4. The learned Income-tax Officer, Ward-1 (2)(4), Rajkot as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pratap Singh, Ld. D/R appeared on behalf of Revenue. 4. The facts in brief are that the assessee is an individual engaged in share-broking business. The AO took action u/s. 148 in response to which the assessee submitted return declaring a total income of ₹ 1,65,437/-. The Ld. AO completed assessment at a total income of ₹ 6,57,77,057/- after making an addition of ₹ 6,56,11,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition to 0.50% of the turnover instead of 1.25%. The relevant findings of the order is reproduced as under: We have given a thoughtful 'consideration to the orders of the authorities below, considering the factual matrix as discussed hereinabove, since the revenue authorities have accepted that the assessee was in fact doing share broking business then, in our considered opinion, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ught anything on record contrary to the submission of the ld. AR. 7. On this basis, the assessee has fairly prayed to accept 0.50%, as upheld by this Hon'ble ITAT. As the issue is squarely covered in assessee's own case, we accept this pray of the assessee and direct the Ld. AO to restrict the addition to 0.50%. Therefore, the Grounds are partly allowed. 8. The ground no. 5 raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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