Dismissing the appeal of the revenue the Tribunal held that estimation of commission income at a higher rate merely on basis of presumption that assessee had shown a very small margin without any convincing evidence is not sustainable tribunal also held that mismatch in figures between balance-sheet of assessee and balance-sheet of other parties difference cannot be assumed unexplained income . ( AY.2013-14, 2014-15)
Dy. CIT v . Vasu Kalia ( 2020) 81 ITR 507 ( Chd) (Trib) Dy CIT v. Balmukhi Textiles P. Ltd ( 2020) 81 ITR 507 ( Chd) (Trib) Dy.CIT v.Shiva Spinfab P. Ltd (2020) 81 ITR 507 ( Chd) (Trib) Dy CIT v. Rajinder Kumar (2020) 81 ITR 507 ( Chd) (Trib)
S.145: Method of accounting – Estimation of commission income at a higher rate merely on basis of presumption that assessee had shown a very small margin without any convincing evidence is not sustainable- Mismatch in figures between balance-sheet of assessee and balance-sheet of other parties — Difference cannot be assumed unexplained income . [ S. 68, 145(3) ]