2015 (1) TMI 1457

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....ant : Shri Premanand J For the Respondent : Shri Vijay Mehta. ORDER Per B.R.BASKARAN, Accountant Member: The appeal of the revenue and the cross objection filed by the assessee are directed against the order dated 06-07-2012 passed by Ld CIT(A)-35, Mumbai and they relate to the assessment year 2006-07. 2. The revenue is aggrieved by the decision of Ld CIT(A) in deleting the addition....

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....ned the on-money receipts at Rs. 1.40 crores and assessed the same as income of the assessee. 4. In the mean time, the assessee as well as other group concerns filed settlement petition before the Hon'ble Settlement Commission. The assessee's petition filed for AY 2005-06 was admitted. The order was passed by the Settlement Commission subsequently, i.e., subsequent to the date of passing of ass....

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....authority considered the order of the Hon'ble Settlement Commission and accordingly held that the net profit calculated at 12% (it was stated that it was wrongly mentioned as 17% by Ld CIT(A)) on the on-money receipts should only be assessed. The revenue is aggrieved by this decision. 6. We have already noticed that the Hon'ble Settlement Commission has accepted the contentions of the assessee ....

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....we are of the view that the Ld CIT(A) was justified in estimating the profit at 12% (it is stated that the rate of profit was wrongly mentioned as 17% in the order of Ld CIT(A)). 7. During the course of hearing, the Ld D.R submitted that there is a reference of 35% in the Settlement Commission's order. However, on a perusal of the said order, we notice that the assessee has given a working of t....