2017 (11) TMI 2069

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hokshi, A.R. For the Revenue : Shri Narendra Kumar, D.R. ORDER PER D.T. GARASIA, JUDICIAL MEMBER: The present appeal has been preferred by the assessee against the order dated 30.01.2013 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2002-03. 2. During the course of hearing, at the outset, the Ld. A.R. has submitted th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is that, a search and seizure action under section 132(1) was conducted in the Group companies owned and floated by assessee, M/s. Mihir Agencies Pvt. Ltd. on 25.11.2009. The assessee was also covered under the same search and consequently assessments under section 143(3) r.w.s. 153C of the Act were completed. The Assessing Officer (hereinafter referred to as the AO) in the assessment order has no....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the net profit rate of the commission @ 2%, which according to the assessee was 0.15%. 5. Before the CIT(A), the assessee filed various decisions passed by the CIT (A) in Group companies, wherein, 0.15% of the commission rate has been accepted. However, the Ld. CIT (A) did not accept the assessee's contention and confirmed the estimate made by the AO. 6. On the perusal of the impugned orde....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mission / rate of net profit from such activities at 0.15%. Accordingly, ground no. 4, 5 as raised by the assessee are allowed". Thus, consistent with the view taken in various similar matters, we also uphold the rate of commission / net profit rate from such activity at 0.15%. Accordingly, this issue is decided in favour of the assessee. 7. During the course of hearing, the Ld. A.R. submitt....