9911796707
TMI Blog2022 (7) TMI 1515X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee have also been considered for calculation of the commission amount - DR has argued that the commission of 0.15% has been determined after taking into consideration, the multiple entries of the same amount routed through different accounts. It was argued that otherwise the normal commission rate determined by the Tribunals and High Courts in a number of cases ranged from 1.5% to 3% on the accommodation entries provided HELD THAT:- We have gone through the statement of the assessee recorded u/s 131(1A), the bank accounts operated by him which are in his own name and which are in the name of others. Keeping in view, the entirety of the accommodation entries, we do not hesitate to hold that the commission earned by the assessee by usin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t at the assessment stage and further confirmed the same. That the assessees have contested at the time of assessment. That the following account does not belong to the assessee. Sr. No. Name of Concern Account Number Name of Bank Transaction Amount/ Accommodation Entries Name of Proprietor Rate of Comm. Per lacs Amount of Commission 1 Choudhary and Co. 1552320005555 HDFC 7970056 Pankaj Tripathi 150 11955 2 Choudhary and Co. 15622560000162 HDFC 8565000 Pankaj Tripathi 150 12847 3 Rishabh Foods 431010200010964 Axis 120672834 Tarsem Kumar Jain 150 181009 4 Rishabh Foods 226010200007429 Axis 17798050 Varun Mehta 150 26697 5 Rishabh Foods 1539002100049194 PNB 100289920 Tarsem Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1,55,76,56,238 5. 2015-16 Rs.1,22,22,16,247 5. During the statement, the assessee has submitted the list of proprietary concerns and firms through which the accommodation entries have been given to various concerns which are as under: Proprietary Concerns: 1. Delhi Traders 2. Jai Bharat Foods 3. Rishabh Foods 4. Mohit Trading 5. Chaudhary & Company (My wife's concern) 6. Chaudhary Traders 7. Ganesh Trading Company 8. Rama Traders 9. Ram Prakash Enterprises 10. Ram Prakash Bhatia 11. Neha Enterprises 12. Prakash Food 13. Shri Bajrang Food 14. Punjab Food 15. Bajrang Corporation 16. Shiva Store 17. Pankaj Market Ltd. 6. The entire modus operandi has been explained by the assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same amount routed through different accounts. It was argued that otherwise the normal commission rate determined by the Tribunals and High Courts in a number of cases ranged from 1.5% to 3% on the accommodation entries provided. 12. We have gone through the statement of the assessee recorded u/s 131(1A), the bank accounts operated by him which are in his own name and which are in the name of others. Keeping in view, the entirety of the accommodation entries, we do not hesitate to hold that the commission earned by the assessee by using the bank accounts in the name of other persons also liable to be taxed in the hands of the assessee only as the assessee is the operator and the beneficiary of these accounts and these accounts standing i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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