TaxTMI 
TaxTMI 
2014 (2) TMI 375
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....Abraham Markos, Sri Mathews K Uthuppachan, Sri Binu Mathew, Sri Terry V James, Sri Tam Thomas JUDGEMENT:- PER : Shaffique, J. These appeals are filed by the revenue against the common assessee in respect of assessment years 2001-02 and 2002-2003 respectively. The common order passed by the Income Tax Appellate Tribunal in I.T.A.No.671 of 2007 and 672 of 2007 are under challenge. 2. The....
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....appeal filed by the Revenue the said orders came to be confirmed. 3. In respect of the assessment year 2002-03 also, on similar set of facts, assessment was made by the Assessing Officer fixing the total income at Rs. 12,08,000/-. 4. While challenging the aforesaid appellate orders, the Revenue has raised the following questions of law : i) whether the appellate authorities w....
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....of accounts, penalty proceedings were initiated. Therefore the sole basis for calculating business income is based on the previous year's assessment. Hence while adding Rs. 5,00,000/- to the income already declared and Rs. 10,00,000/- as unexplained investment, tax was levied by assessing the total income at Rs. 16,08,000/-. 6. The appellate authority, however, found that there was no basis for....
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....n about the possible commission the assessee could have obtained during the assessment year 2001-02 and 2002-03. True that the assessee had declared agency commission of Rs. 4 lakhs during the assessment year 2000-01. But agency commission is always a fluctuated matter and depends upon the commission on receipts for arranging a particular contract. In the absence of any material to indicate that t....