The Pr. Commissioner of Income-tax-3 v. Du Securities Pvt. Ltd
[Citation -2019-LL-0723-90]
| Citation | 2019-LL-0723-90 |
|---|---|
| Appellant Name | The Pr. Commissioner of Income-tax-3 |
| Respondent Name | Du Securities Pvt. Ltd. |
| Court | HIGH COURT OF DELHI AT NEW DELHI |
| Relevant Act | Income-tax |
| Date of Order | 23/07/2019 |
| Assessment Year | 2007-08 |
| Judgment | View Judgment |
| Keyword Tags | accommodation entries • loose paper seized • commission |
| Bot Summary: | These appeals have been filed by the Revenue against the common order dated 23rd January, 2019 passed by the ITAT in ITA Nos. The short question sought to be urged by the Revenue is whether the ITAT has arbitrarily reduced the percentage of commission on the accommodation entries provided allegedly by the Assessee from 2.25 to 0.5. A perusal of the impugned order of the ITAT shows that this is a second round of litigation. The ITAT has explained how the fixing of the percentage at 2.25 by the Assessing Officer was based on noting of some loose sheets which were seized during a search operation. Be that as it may, the ITAT has on a consideration of the entire facts and circumstances and considering that different rates are charged in different transactions formed the view that 0.5 should be taken as a reasonable rate of profit/commissioner in such activities. This Court fails to appreciate how the said order of the ITAT gives rise to any substantial question of law. The Court sees no reason to interfere with the impugned order of the ITAT. 5. |