TaxTMI 
TaxTMI 
2022 (5) TMI 1011
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....rned CIT(Appeal) had failed to appreciate the verbal and written submission given during the course of appellate proceedings in respect of proceedings initiated u/s 148 was not justified. 3. That the learned CIT(Appeal) was unjustified in not following the determined rate of income established by ITAT which no doubt was followed in Asstt. year 2010-11 even by AO. 4. That without prejudice to item no. 3 the learned CIT(Appeal) by following the ITAT's order directed to recomputed the income in his own manner it resultant the AO's failure to its implementation. The direction deserves to be amended for its implementation. 5. That the appellant craves his right to amend, delete or add any grounds of appeal at or before the time of hearing.....
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....ing bank charges. Aggrieved against this, the assessee is in appeal before this Tribunal. 5. Ground nos. 1 & 2 of the assessee's appeal are against the validity of reopening of the assessment. Learned counsel for the assessee vehemently argued that the authorities below were not justified in reopening the assessment. He contended that the action of the authorities below in this regard is contrary to the settled position of law. 6. On the contrary, learned DR opposed the submissions and supported the orders of the authorities below. Learned DR vehemently argued that the assessee himself had not disclosed the income. It was only on the basis of receipt of the information by the Assessing Officer that the case of the assessee was reopened an....
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....d that this particular statement has to be believed in the absence of any evidence to the contrary. The Tribunal also held that the expenditure will have to be allowed in computing the profit. 5.14 I find that Hon'ble ITAT relied on statement of the assessee recorded during the course of search and in the absence of any further evidence to the contrary Hon'ble Tribunal directed to estimate commission income at the rate of Rs.25 per 10 thousand. However, I find that the appellant categorically stated in response to Q. nos. 7,9,10 & 11 of the statement recorded on 29.11.2018 that the commission was charged at the rate of 0.5% out of which the bank was paid at the rate of 0.3%. Then, effectively, the income after meeting out the banking char....