2025 (3) TMI 2203

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..... 2. Vide 18 grounds, the appellant assessee has raised following issues: i. Taxability of Rs. 61,49,670/-. ii. Chargeability of interest under section 234B of the Income Tax Act, 1961 (hereinafter, the 'Act'). iii. Initiation of penalty under section 271(1)(c) of the Act. 3. The relevant facts giving rise to this appeal are that the assessee, an entry operator, was searched by the Income Tax Department in 2006. The consequential search assessment was concluded under section 153A r.w.s. 144 of the Act at income of Rs. 1,96,12,820/-. The assessee preferred appeal against the original order passed under section 153A r.w.s. 144 of the Act, which was partly allowed by the CIT(A). The CIT(A) upheld the income of ....

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....s to be rejected because of the simple reason that in the statement of the assessee in question No. 12 assessee was asked to explain about the Krishna machine tools which was having the same address. The assessee explained that M/s Krishna machine tools was provided 1 address and therefore the assessee has provided the same address belongs to the assessee's address in New Delhi. The assessee was further the details of the residential address of the proprietor of that form which assessee failed to explain however the mobile number was also given. Similarly, is the detail of M/s Navneet trading Co. As per the chart submitted by the assessee the amount of Rs. 3664912/- was belonging to M/s Krishna machine tools in CA 110 762 OBC account an....

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....the assessee is directed to show the assessing officer that on such balances also the commission income has been computed. The Ld. assessing officer may verify the same and if it is found to his satisfaction that such sum has also been included for working out turnover, then it should be excluded. Therefore, accordingly the issue of working out of the turnover is also set aside to the file of the Ld. assessing officer. 13. Consequently the ground No. 1-3 as per the revised grounds raised by the assessee is set aside to the file of the Ld. assessing officer for reworking the addition under section 69A of the income tax act. And similarly the ground No. 4 is also set aside to the file of the Ld. assessing officer for reworking the co....