2015 (9) TMI 996

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....case and legal Judgments of Jurisdictional Courts, ITAT and Supreme Court and other different courts of law as cited in the appeal while deciding the matter Of addition of income on estimation/guess work basis merely on surmises and conjectures. 2. That on the facts and in circumstances of the case the learned CIT(A.) has erred in law and on facts by upholding the finding of the AO regarding the Nature of business of the assessee without any cogent evidences. 3. That learned CIT(A) has erred on the fact and on law and in circumstances of the case wherein he has not considered the submissions of the assessee filed during the course of proceedings . 4. That the learned CIT(A) has erred on the facts and on law wherein upholding the cl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... v. Deplomat International vi. Elent Steels vii. Makesr Agencies viii. Zig Zag Exports ix. S. S. A. Credits, x. Rose Alloys, xi. Commitment Financial Services etc. 2.1. He observed that none of these alleged companies had mentioned the words "Ltd." or "Pvt. Ltd.". He observed that all these were, in any case, unlisted companies and, therefore, no person would invest in ordinary course and deal with these companies. He further noted that in all the cases the purchases as well as sales had been made @ 10/- per share. Being doubtful about the credence of purchase and sales, he issued notices u/s 133(6) to the following concerns with which the assessee claimed to have business transactions: (i) M/s Joy Commercial Pvt.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s out to Rs. 2,13,34,810/- (2,16,70,532- 3,35,722). Taking the average of the commission rates as 2.5%, a sum of Rs. 5,33,370/- (i. E. 2.5% of Rs. 2,13,34,810/-) is also added to the income of the assessee as the commission paid to the entry operators. The total commission income of the assessee from this activity of giving 'adjustment entries' thus works out to Rs. 5,33,370/-." 2.3. Accordingly, the total income was determined at Rs. 5,32,363/-. 2.4. Before ld. CIT(A), the assessee had filed following documents: i) Detail of sale of shares to various parties during the year under consideration. ii) Copy of the statement for the year under consideration relating to the bank account of the appellant with Bank of India, Ansari Roa....