2021 (9) TMI 398

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....the circumstances of the case, the CIT(A) has erred in law and on facts in deleting the addition of Rs. 13,51,500/- made by the Assessing Officer on account of unaccounted sale of scrap. 2. On the facts and in the circumstances of the case, the CIT(A) has erred in law and on facts in holding that the Assessing Officer was not justified in estimating speed money expensed at 17,94,500. 3. On the facts and in the circumstances of the case, the CIT(A) has erred in law and on facts in deleting the addition of Rs. 1,03,12,050/- made by the Assessing Officer on account of disallowance of commission. 4. On the facts and in the circumstances of the case, the CIT(A) has erred in law and on facts in deleting the addition of ....

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....). 9. With regard to the speed money, the AO made addition of amount @ 0.5% on the sales of Rs. 35.69 Crores made to SEBs. The ld. CIT(A) gave a categorical finding that the amount has been added on estimate basis and no incriminating material is found or seized. The ld. CIT(A) has also held that the expenses have not been claimed in the books of accounts and hence no disallowance is attracted as per Section 37 of the Income Tax Act, 1961. In the absence of any seized material produced before us proving contra, we decline to interfere with the order of the ld. CIT(A). 10. Apropos, disallowance of commission, we find that the addition has been made based on the information received from the Addl. CIT, Range-3, Kolkata that the case of ....

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....tails available on records, the trading purchases are shown at Rs. 3,11,23,930/- and sales at Rs. 3,23,83,313/- and if these figures are taken for computation then the resultant profit comes to Rs. 12,59,383/-. Finding of the ld. CIT(A): From the finding in assessment order with respect to above ground of appeal it is seen that the AO has disallowed the huge loss of Rs. 2,93,61,596/- incurred by assessee during the year on trading as the list of trading purchases and corresponding sales amounted to Rs. 3,11,23,930/- and Rs. 17,62,334/-, respectively. The AO has noted that there appears no reasonable cause for having incurred huge loss on the trading transactions. That the assessee has not furnished any details of stock inv....