TaxTMI 
TaxTMI 
2022 (12) TMI 1016
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....e 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 appeared on behalf of the assessee. A perus....
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....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 appellant craves to leave, alter, modify or add any of the grounds of appea....
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....e 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 assessed income of Rs.3,14,080/-. 4. Aggrieved, assessee preferred appeal ....
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....e 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. A.O @0.5% of the bank credit entries of Rs.6,00,00,000/- carried out in the bank accou....