2026 (10) TMI 167

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....in short 'the Act') on the following grounds: 1. That the order of passed by the Assessing Officer u/s. 143(3) of the Act and the order passed by the CIT(A) are bad in law, erroneous on facts, without proper appreciation of material on record and against the principles of natural justice. 2. That the Assessing Officer and the CIT(A) erred in treating the alleged commission income as "undisclosed income" liable to tax under section 115BBE, whereas the said income, if at all assessable, constitutes normal business income and is chargeable to tax under the regular provisions of the Act. 3. That the Assessing Officer and the CIT(A) failed to appreciate that the impugned income has a direct nexus with the regular busin....

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....zed. During the course of assessment proceedings, statement of oath of the assessee was recorded u/s. 131(1A) on 1.2.2021 and assessee has accepted in his statement that the cash found from his premises was his earning from commission but he has not offered it to tax. Further, in response to show cause notice dated 22.3.2021, assessee responded on 24.3.2021, stated that the cash seized at his place was of the party from which he used to trade grains. Assessing Officer noted that assessee has not recorded this amount in his books of account and explanation offered by him is contradictory and also not furnished evidence to verify the source of the cash seized. Thus, he noted that the cash of Rs. 5,21,900/- seized from premise of the assessee ....

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....commission income to Rs. 83,818/- as against Rs. 4,19,09,065/- observing that in the assessment made u/s. 153A of the Act in the case of the assessee for assessment years 2013-14 to 2018-19 the commission income was assessed @2000/- per crore. In the circumstances, since in the assessments made u/s. 153A the commission income was assessed at 2,000 per crore, we see no reason not to adopt the same percentage for the assessment year under consideration and thus, we hold that the Ld. CIT(A) has rightly adopted the said percentage. Hence, we sustain the order of the Ld. CIT(A) and reject the grounds raised by the Revenue. 4. In view of the above factual matrix and respectfully following the aforesaid precedent, in assessee's own case, it is ....