2022 (12) TMI 1016

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....ER This appeal filed by the assessee pertaining to the Assessment Year (in short "AY") 2012-13 is directed against the order passed u/s 250 of the Income Tax Act, 1961 (in short the "Act") by National Faceless Appeal Centre [in short ld. "CIT(A)"] dated 26.11.2021 which is arising out of the assessment order framed u/s 143(3) of the Act dated 26.12.2019. 2. When the case was called, none app....

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.... of the company done via normal banking channel as bogus and accommodation entry not being the beneficiary and to prevent revenue leakage 0.5 percent commission on bank credit entries of Rs.6,00,00,000/- which is Rs.3,00,000 /- has been added to the total income of the appellant. 4. For that the addition made for an amount of Rs. 3,00,000/- is liable to be deleted. 5. For that ap....

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....e to the conclusion that the transactions in the bank account held with the assessee were of inflow and outflow of fund and the transactions were not with the objective of profitability but to earn commission. The ld. A.O accordingly estimated a commission income of Rs.3,00,000/- @0.5% of the alleged sum of Rs.6,00,00,000/- and made the addition towards commission income as undisclosed income of a....

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....ssessee was reopened based on information received through independent sources by the A.O about unexplained receipts in the bank account. We, therefore, dismiss Ground Nos.1 & 2 raised by the assessee holding that reopening of the assessment proceedings was valid and in accordance with law. Ground Nos.3 & 4 are regarding the addition towards undisclosed income of Rs.3,00,000/- computed by ld....