2022 (2) TMI 430

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....eem Ahmed, Accountant Member This is an appeal filed at the instance of the assessee against the order of the ld. CIT(A)-1, Rajkot passed u/s. 250 of Income-tax Act, 1961 on 31.07.2015 for the Assessment Year 2007-08. 2. The assessee has raised the following grounds of appeal: The Grounds appeals mentioned hereunder are without prejudice to one another. 1. The learned Incom....

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....officer, in a statement recorded u/s. 131(1 A) of the Act. 4. The learned Income-tax Officer, Ward-1 (2)(4), Rajkot as well as the Commissioner of Income Tax (Appeals) - 1, Rajkot has erred in law as well as on facts in determining the real income of the appellant and the fact that the appellant has incurred loss has not been considered the income is estimated @ 1.25% without citing-any c....

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....f Rs. 1,65,437/-. The Ld. AO completed assessment at a total income of Rs. 6,57,77,057/- after making an addition of Rs. 6,56,11,620/-. Against the order of AO, the assessee filed appeal to Ld. CIT(A) who allowed part-relief by restricting addition to 1.25% of 6,65,02,364/- [the figure of Rs. 6,56,11,620/- assessed by Ld. AO was modified to Rs. 6,65,02,364/- by Ld. CIT(A)]. Still being aggrieved b....

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....authorities have accepted that the assessee was in fact doing share broking business then, in our considered opinion, the profit margin earned by share brokers should have been taken into consideration, More so, when the revenue authorities themselves have mentioned that income from commission/brokerage on account of share trading normally ranges from 0.115% to 0.50%. Once this range has been acce....