2015 (12) TMI 391

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....ts and circumstances of the case and in law the Ld.CIT(A) has erred in deleting the addition of Rs. 14,73,953/-, in respect of commission, estimate the profit @0.50% of the total turnover and addition o fRs.28,84,000/- was made in respect of unexplained cash credit u/s.68. 2. On the facts and circumstances of the case and in law, the Ld.CIT(A) ought to have upheld the order of the Assessing Officer. 3. It is, therefore, prayed that the appellate order of the Ld.CIT(A) may be cancelled and the order of the A.O. may be upheld. 2. Briefly stated facts are that the case of the assessee was picked up for scrutiny assessment and the assessment u/s.143(3) of the Income Tax Act,1961 (hereinafter referred to as "the Act") was framed vide or....

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....ered the contents of the assessment order as well as submission of the AR. Both, the appellants as well as the AO finally submitted that no actual business was done and the assessee was simply providing accommodation bills. The appellant, in the assessment proceedings, while recording statement u/s.131 of the Act had stated that he used to earn 0.25% commission. I, therefore, estimate 0.25% commission after taking into account his statement and hence the net commission, which should be taxed, is estimated for Rs. 7,36,976/- as against estimated income of Rs. 14,73,953/- and, therefore, the appellant gets relief of Rs. 7,36,976/-. The estimate of 0.25% is over and above the net profit shown by the appellant so as to bring to tax the actua....

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....ught in respect of the deposits made into the bank account with Dena Bank at Rampura Branch, Surat. The AO has observed as under:- "In response to the above show cause notice, the assessee has not submitted any supporting/documentary evidences regarding the cash deposited and cheques deposited in the bank. The assessee has also not submitted any supporting document to prove the source of cash/cheques deposit and genuineness of the said transaction. The assessee has not submitted any identity of the person and genuineness of the transaction. Though the assessee was requested to prove the creditworthiness of the various parties, yet he h not done so far the reasons best known by him. Sr.No. Date Amount 1. 03.05.2008 3,04,....

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.... above both parties and the both entries are found in their bank account. But the assessee has shown these amount in his bank book, received from M/s.Dhaval Export. Copy of ledger account obtained from M/s.Dhaval Export and it is noticed that Dhaval Export had not made any payment to the assessee during the year under consideration. Therefore, the assessee's submission is not found correct. iii) As per the bank account of Dena Bank it is found that the assessee has received cheque of Rs. 4,000/- on 10.01.2009 from Shri Jivanbhai V.Patel. The assessee had not submitted any reply in this regards. Thus, the assessee failed to prove the source of cash deposit of Rs. 12,80,000/- as well as the cheques deposit of Rs. 16,04,000/-, totalling ....