Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: form 3cd :: list of goods taxed at 4%
 
 
From the Courts »
 Ravneet Takhar Vs. Commissioner Of Income Tax Ix And Ors.
 Jaiprakash Associates Ltd. Vs. Commissioner Of Income Tax
 Formula One World Championship Limited Vs. Commissioner Of Income Tax, International Taxation-3 And Anr.
 Commissioner Of Income Tax International Taxation-3 Delhi Vs. Formula One World Championship Ltd. And Anr.
 Reliance Communications Ltd vs. DDIT (ITAT Mumbai)
  Sushila Devi vs. CIT (Delhi High Court)
 Ashok Prapann Sharma vs. CIT (Supreme Court)a
  Vatsala Shenoy vs. JCIT (Supreme Court)
  Vatsala Shenoy vs. JCIT (Supreme Court)
 M.K.Overseas Pvt. Ltd. Vs. Pr.Commissioner Of Income Tax-06
 Arshia Ahmed Qureshi Vs. Pr. Commissioner Of Income Tax-21

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 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions