2017 (12) TMI 1355

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....he issues involved are similar and the order appealed against is also common, these appeals were heard together and are disposed of by this common judgment. 2. In so far as I.T.A.No.156/2012 is concerned, the questions of law framed are the following:- 1)Whether on the facts and in the circumstances of the case and in view of the admission of the assessee in the sworn statement that the commission was approximately Rs. 1500/- per lakh, the Tribunal is right in law and fact in fixing the same at Rs. 1000/- per lakh and is not the fixation of the quantum on the ipsi dixit of the Tribunal, perverse and arbitrary? 2)Whether on the facts and in the circumstances of the case and in the absence of the genuineness of the credit being proved by....

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...., we find that it has taken note of the statement made by the assessee that it was receiving commission from Rs. 1000/- to Rs. 2000/-per lakh and that in answer to question No.28, the assessee has further stated that approximate commission he was receiving was Rs. 1500/- per lakh. However, though no other materials were available on record to suggest that the actual commission received by the assessee was anything different from the version given by the assessee himself, the Tribunal has adopted the rate of the commission at Rs. 1000/- per lakh stating that such rate of commission was as claimed by the assessee in response to question No.16. 5. First of all, in view of the provisions contained in Section 132 (4), the Revenue was entitled t....

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....late authority had obtained a remand report from the assessing officer himself and paragraph 15 of the order of the Tribunal would show that the assessing officer had reported that the assessee had availed a loan of Rs. 11 lakhs and deposited in Account Number LADNo.253 of Dhanalaxmi Bank, Muvattupuzha branch which was transferred by the bank on 12.08.2005 and credited in the account No.DP 15 of the creditor on the same day. The creditor by cheque No.2060969 gave Rs. 11 lakhs on the same day to the assessee. It was on the basis of these findings that the assessing officer submitted the remand report stating that the credit can be considered as explained. 8.The facts found by the Tribunal itself show that the creditor of the assessee was on....

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....tion Officer and completed assessment on the basis of the report so obtained. This view that the Tribunal has taken is fully in accordance with the law as declared by the Supreme Court in Sargam Cinema v. Commissioner of Income Tax [(2010) 328 ITR 153 (SC), Commissioner of Income Tax v. Lucknow Public Educational Society [(2011) 339 ITR 588 (All) and judgment of the Madras High Court in Family of Sp.S.S.Sp.Subramanian Chettiar v. I.T.Officer [(2015) 372 ITR 203. 10.Though the learned Senior Counsel for the Revenue contended that having considered the provisions contained in Section 142A, inserted by the Finance Act, 2004, it was not necessary for the assessing officer to have rejected the books of account to obtain report of the Valuation ....