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TMI Blog2018 (6) TMI 1811X X X X Extracts X X X X X X X X Extracts X X X X ..... g circular trading within the group merely to increase the turnover. CIT (Appeal) has mentioned the case of Smt. Kalawati Negi, who was also an employee of the same group and showed similar transaction to jack up the turnover, wherein, the Ld. Assessing Officer itself made the addition on such account @ 0.1%. No contrary decision was brought to our notice. Thus, we find no infirmity in the conclusion of the Ld. Commissioner of Income Tax (Appeal), resultantly, the appeal of the Revenue is dismissed. Appeal of the Revenue is dismissed. - ITA No.687/Mum/2017 - - - Dated:- 20-6-2018 - Shri Joginder Singh, Judicial Member, and Shri Manoj Kumar Aggarwal, Accountant Member Revenue by: Shri Rajat Mittal-DR Assessee by: Shri Bh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts, in brief, are that the assessee is an individual having salary income from M/s Shirdi Industries Ltd. and also carrying out business activity in the name of Hiralal Printing, which is engaged in trading activities of MDF Board/plywood, declared income of Rs.1,93,074/- in its return filed on 20/07/2012. Thereafter the assessee filed revised return on 29/03/2014, declaring total income of Rs.2,07,880/- which was processed under section 143(1) of the Act. The case of the assessee was selected under CASS, therefore, notice under section 143(2) and 142(1) were issued/served upon the assessee. The assessee attended the proceedings and filed the details as is evidenced from assessment order itself. The Ld. Assessing Officer while framing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions were shown of doing circular trading within the group merely to increase the turnover. The Ld. Commissioner of Income Tax (Appeal) has mentioned the case of Smt. Kalawati Negi, who was also an employee of the same group and showed similar transaction to jack up the turnover, wherein, the Ld. Assessing Officer itself made the addition on such account @ 0.1%. No contrary decision was brought to our notice. Thus, we find no infirmity in the conclusion of the Ld. Commissioner of Income Tax (Appeal), resultantly, the appeal of the Revenue is dismissed. Finally, the appeal of the Revenue is dismissed. This Order was pronounced in the open court in the presence of Ld. representatives from both sides at the conclusion of hearing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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