9911796707
TMI Blog2024 (12) TMI 1533X X X X Extracts X X X X X X X X Extracts X X X X ..... him.
In the present case Director of the appellant company has admitted to have been providing accommodation entries in lieu of admitted commission@ 0.10% to 0.15% of the turnover. The statement given by the Director has been accepted by the AO.
Going over the facts of the case, order passed by the CIT (A) in the A.Y.11-12, we are in this view that rate of commission should be 0.15% and not @ 1%., accordingly the case of assessee is allowed and the AO is directed to compute the rate the commission @0.15% and not 1%. Appeal of the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... tax audit being time barred on 30.09.2023. 2. Thereafter, he was busy with income tax return filing related to tax audit cases as well as ROC Compliances (Form AOC 4) in the month of October, 2023. 3. Later, he was busy with filing of statutory filings related to ROC being MGT-7 in the month of November, 2023 4. Upon request for filing of instant appeal, he has shared draft copy of the documents for signing purpose on 29.11.2023 Therefore, from the above it is evident that the delay was unintentional and not on part of the appellant. Hence, we request before your Goodself to kindly condone the delay and for your this act of kindness we shall be ever obliged 4. Brief facts of the case of the assessee are that the assessee being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Investigation Wing was accepted by the AO while the commission as calculated by the then AO is completed based on estimation and added much higher rate as per the prevailing market rate. The Ld. Counsel by citing the order of the Ld. CIT(A) u/s 250 of the Act, passed against the same assessee for AY 2011-12 submitted that the Ld. CIT(A) directed the AO to take the commission 0.15% and not @ 1% but the Ld. CIT(A) did not consider the case of the assessee for year under consideration i.e illegal and liable to be set aside. The ld. Counsel for the assessee filed a copy of Ld. CIT(A) order for AY 2011-12. 6. On the contrary to that the Ld. D.R supports the impugned order. 7. We have gone through the case of the assessee and find that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 5,17,339/- which has already been offered for taxation by the assessee." The AO is directed to adapt the correct figure of returned income, while giving effect to this order. Ground no 3 is not pressed. APPEAL IS HENCE PARTLY ALLOWED. 8. I have also gone through the judgment passed by the Hon'ble Bombay High court in the case of PCIT vs Alag Securities Pvt. Ltd placed by the assessee where in the order passed by the ITAT Mumbai Bench "A" was upheld by observing thus-"Tribunal held that the action of the Assessing Officer in treating the entire deposits as unexplained cash credits could not be accepted in the light of the assessement orders in the case of the beneficiaries and also in the light of the facts that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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