TaxTMI 
TaxTMI 
2022 (9) TMI 1372
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....fter referred to as 'the Act') relating to the Assessment Year (A.Y) 2010- 11. 2. The Grounds of Appeal raised by the Revenue reads as under: 1 On the facts and in the circumstances of the case, and in law the Ld. C.I.T. (A) erred in relying on question No. 04, while completely disregarding answer to Question No. 05 which says "Yes, the banakhat of this land was made on 28-4-2009. This banakhat was entered between the land owners and our company". Thus the money that is credited is nothing but of the nature of sale proceeds of land that is owned by the assesses company as a consequence of Banakhat. 2. On the facts and in the circumstances of the case, and in law the Ld. C.I.T. (A) had completely failed to appreciate the....
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....unts determined the commission income at 0.5% on the withdrawal in the various bank accounts namely Rs. 42,38,673/- as the income of the assessee. The assessee claimed that the sum of Rs. 3,28,32,402/- received from M/s. Atmiya Developers Pvt. Ltd. is also forming part of the above banking transaction, wherein the commission amount of 0.5% determined as profit of the assessee by the Assessing Officer. Again taxing the same amount of Rs. 3,28,32,402/- as business income of the assessee would amounts to double taxation. The above explanation was not accepted by the Assessing Officer and added the sum of Rs. 3,28,32,402/- as the business income and determined the total assessed income as Rs. 3,04,62,230/- after setting off the losses of Rs. 66....
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.... the appellant during the appellate proceeding submitted that all these deposits represent the accommodation entries and only fixed commission was earned on the deposits in the bank. 8.4 The AO sent remand report vide letter dated 25.10.2013 and submitted that as per the statement of Sh. Jayesh Patel, the amount received by the assessee does not belong to the assessee company and was given to several other companies as per the direction of the land owners who have sold the land as per the list of the such sellers. 8.5. The appellant was given the copy of the remand report to submit its comment and in response to that the appellant submitted the reply to the remand report vide letter dated 07.12.2013 and submitted that as p....
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....he Revenue supported the order of the Assessing Officer and held that the sum of Rs. 3,28,32,402/- to be treated as the business income of the assessee being the confirming party to the land transaction. 6.1. Per contra Ld. Counsel Mr. P.F. Jain appearing for the assessee submitted before us three sets of Paper Book as well as copies of the English translated copy Banakhat dated 25.08.2009 as well as copy of the Sale Deed dated 11.01.2010 entered between the five land owners with M/s. Atmiya Developers Pvt. Ltd. the purchaser of the property, wherein the assessee company is a Confirming Party. The Ld. A.R. taken us through page no. 16 of the Paper Book wherein Sales Ledger Account is produced for the sum of Rs. 13,79,10,600/-. At page no....
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....not also in dispute that the assessee received Rs. 3,28,32,402/- on various dates from the buyer of the property. It is seen from page no. 16 of the Paper Book Sales Ledger Account that the above amount was received by the assessee from M/s. Atmiya Developers Pvt. Ltd. Further the assessee offered it as a Revenue income in its sales account of Rs. 13,79,10,600/- and also suffered to tax as an entry provider at 0.5% commission charges on the above transaction. The assessee also further demonstrated before us on the instructions of the land owners, the assessee made payment of Rs. 3,15,81,000/- to various third parties namely P.K. Corporation, Maruti Corporation and Gujarat Enterprise on various dates which is available at page no. 21 of the ....