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TMI Blog2025 (3) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... estion is covered by the decision of Mukesh Chokshi [2016 (5) TMI 1408 - ITAT, MUMBAI]] and M/s Goldstar Finvest Pvt. Ltd. [2023 (4) TMI 1404 - ITAT MUMBAI] - DR was unable to furnish any contrary judgment to rebut the submissions made by the Ld. AR. Consequently, the addition made by the Ld. AO is deleted, and we uphold the commission rate at 0.15% on the total transaction value. Accordingly, the assessee's appeal is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... , etc and which are considered accommodation entries, the income thereon is to be charged at the rate of 0.15 percentage of all transactions. The CIT(A) also erred in not considering Judgements by the Honourable Mumbai Tribunal in case of M/s. Mihir Agencies P Ltd V/s. ACIT ITA No. 2692/M/2013, Dy. Commissioner of Income Tax v/s. M/s. Goldstar Finvest Pvt. Ltd. ITA No. 2699/MUM/2013 and Honourable Bombay High Court decision in case of Principal Commissioner of Income Tax 14 v/s. Alagh Securities Pvt. Ltd. ITA No. 886/MUM/2012. 3. The learned CIT (A) erred in passing the appellate order u/s. 250, without granting a proper opportunity to represent and erred in passing the ex-parte order. 4. The learned AO and CIT (A) erred in not consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Rs. 54,54,78,584/- which comes to Rs. 1,63,64,358/-. The said commission amount of Rs. 1,63,64,358/- was added back with the total income of the assessee. The aggrieved assessee filed an appeal before the Ld. CIT(A) and requested that the said percentage of commission should be restricted to 0.15% instead of 3%. The assessee relied on the order of the ITAT, Mumbai Bench. Finally, the Ld.CIT(A) had rejected assessee's claim and upheld the impugned assessment order. Being aggrieved on the appeal order, the assessee filed an appeal before us. 4. The Ld. AR submitted a written submission, which has been placed on record. The Ld. AR contended that the assessee engaged in transactions involving penny stocks, with the total transaction va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AO had applied a commission rate of 3%, which was upheld by the Ld. CIT(A). During the appeal proceedings, the assessee placed reliance on the decision of the co-ordinate bench of the ITAT, which had adjudicated that the applicable commission rate should be 0.15% on the total sales and purchases, i.e., the total transaction value. Upon perusal, we find that the issue in question is covered by the decision of the co-ordinate bench, and we accordingly follow the orders of the ITAT, Mumbai Bench. The Ld. DR was unable to furnish any contrary judgment to rebut the submissions made by the Ld. AR. Consequently, the addition of Rs. 1,63,64,358/- made by the Ld. AO is deleted, and we uphold the commission rate at 0.15% on the total transactio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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