Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« From the Courts »
Open DEMAT Account in 24 hrs
 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties

ITO, Ward 27(4), New Delhi. Vs. Sant Meet Singh, B-2/25, Janak Puri, New Delhi.
April, 10th 2015
          IN THE INCOME TAX APPELLATE TRIBUNAL
               DELHI BENCHES : G : NEW DELHI

    BEFORE SHRI R.S. SYAL, AM AND SHRI C.M. GARG, JM

                        ITA No.2261/Del/2013
                       Assessment Year : 2008-09

ITO,                               Vs. Sant Meet Singh,
Ward 27(4),                            B-2/25, Janak Puri,
New Delhi.                             New Delhi.

                                           PAN: AAAPS9205M

                                             (Respondent)
 (Appellant)
               Assessee By     :    Shri C.S. Anand, Advocate
               Department By   :    Shri B.R.R. Kumar, Sr. DR

         Date of Hearing               :     08.04.2015
         Date of Pronouncement         :     09.04.2015


                               ORDER
PER R.S. SYAL, AM:
     This appeal by the Revenue is directed against the order passed by

the CIT(A) on 20.2.2013 in relation to the assessment year 2008-09.
                                                          ITA No.2261/Del/2013


2.    The only ground raised in this appeal is against restricting the

addition amounting to Rs.21,89,574/- made by the AO u/s 69C of the

Income-tax Act, 1961 (hereinafter also called `the Act') to Rs.1 lac.

3.    Briefly stated, the facts of the case are that the assessee is an

insurance agent. As per the AIR, a sum of Rs.21,89,574/- was deposited

in the assessee's bank account. On being called upon to explain the

source of this amount, it was stated that the credit card statements were

issued in the name of the assessee, but, the account was actually used by

one Shri Liyakat Ali, proprietor of M/s Sajid Automobiles, engaged in

the business of two-wheelers and spare parts. The assessee contended

that he allowed Liyakat Ali to use his bank account in the hope of

getting insurance covers for two-wheelers purchased transacted by him.

Not convinced with the assessee's submissions, the AO made an

addition for a sum of Rs.21.89 lac.       The ld. CIT(A) restricted the

addition to Rs.1.00 lac, after considering the remand report from the

AO.









                                    2
                                                        ITA No.2261/Del/2013


4.   We have heard the rival submissions and perused the relevant

material on record. It is an undisputed fact that the assessee is an

insurance agent doing insurance of two-wheelers, three-wheelers, etc. A

sum of Rs.21.89 lac was routed through his bank account and the

transactions were actually done by Shri Liyakat Ali, proprietor of M/s

Sajid Automobiles. The assessee also demonstrated that the payments

against the credit cards were made by Shri Liyakat Ali for two-wheelers

purchased by him from M/s Diwan Auto, M/s Rajpoot Motors and M/s

Amazing Enterprises. Even confirmation from M/s Rajpoot Motors was

also submitted to the effect that the payment for spare parts purchased

from them by Liyakat Ali, was made through the assessee's bank

account. The assessee was getting a sum of Rs.2,000/- per vehicle in

lieu of allowing the user of his bank account, which position has been

admitted by the AO in his order for the AY 2009-10. The relevant

discussion on this issue has been made in paras 4.1 and 4.2 of the

impugned order. In our considered opinion, the ld. CIT(A) was justified

in relying on the view taken by the AO for the AY 2009-10 in restricting

the addition from Rs.21.89 lac to Rs.1 lac, by rounding off the income
                                   3
                                                             ITA No.2261/Del/2013







@ Rs.2,000/- per vehicle in respect of 38 vehicles transacted during the

year. We, therefore, uphold the impugned order.

5.        In the result, the appeal is dismissed.

          The order pronounced in the open court on 09.04.2015.

               Sd/-                                         Sd/-

        [C.M. GARG]                                     [R.S. SYAL]
     JUDICIAL MEMBER                                ACCOUNTANT MEMBER

Dated, 09th April, 2015.
dk
Copy forwarded to:
     1.   Appellant
     2.   Respondent
     3.   CIT
     4.   CIT (A)
     5.   DR, ITAT

                                                     AR, ITAT, NEW DELHI.




                                          4

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting