2018 (11) TMI 1889

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.... two appeals are filed by the assessee against the separate orders of the Learned Commissioner of Income-tax(Appeals)-32, Mumbai [hereinafter in short "Ld.CIT(A)] dated 01.11.2012 for the Assessment years 2007-08 & 2008-09 respectively. 2. Briefly stated the facts are that, assessee is engaged in the business of earning commission income on providing services to M/s. Twinkle Enviro-Tech (P.) Ltd.....

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....tablish the expenses for earning the commission income. The Ld. CIT(A) restricted the adhoc disallowance to 40% of commission income and sustained the 30% from other expenses. The Assessing Officer initiated penalty proceedings and levied penalty u/s. 271(1)(c) of the Act which was sustained by the Ld. CIT(A). 3. Before us, Ld. Counsel for the assessee submitted that the assessee has to incur exp....

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....U/s. 271(1)(c) of the Act. 4. Ld. DR vehemently supported the orders of the Assessing Officer. 5. We have heard the rival submissions, perused the orders of the Authorities below. On a perusal of the Assessment Order and the Ld.CIT(A) order, we find that the Assessing Officer disallowed the commission as well as the expenses on an estimate basis which was further reduced by the Ld.CIT(A). None o....