ASSTT. CIT, CENTRAL CIR-2(1), MUMBAI vs. SHRI AMISH A MODI, MUMBAI

ITA 3243/MUM/2022Status: DisposedITAT Mumbai25 May 2023AY 2015-1612 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that additions for accommodation entries should be restricted to the commission earned by the assessee, not the entire amount. It upheld the CIT(A)'s decision to confirm addition at 3% commission on the disputed amount, finding no illegality.

What were the facts?

The Assessing Officer (AO) initiated proceedings under section 153C based on a search at M/s. Navjeevan Charitable Trust, which revealed the trust accepted donations and returned cash after deducting commission, with the assessee being an accommodation entry provider. The AO made additions for unexplained deposits and cash credits.

What were the issues?

Whether the addition for accommodation entries should be the full amount or just the commission earned, and whether the CIT(A) correctly determined the commission rate.

Which sections of the Income-tax Act were involved?

Section 153C,Section 68,Section 131,Section 133A,Section 133(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “A”, MUMBAI

Before: SHRI KULDIP SINGH & SHRI GAGAN GOYAL

For Appellant: Shri Ravikant Pathak, A.R
For Respondent: Smt. Shailja Rai, D.R

Per : Kuldip Singh, Judicial Member:

Aforesaid cross appeals filed by the appellant, Asst. Commissioner of Income Tax, Central Circle-2(1), Mumbai (hereinafter referred to as the Revenue) as well as the appellant Shri

The order continues below.

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