The Tax Publishers2020 TaxPub(DT) 4108 (Mum-Trib)

INCOME TAX ACT, 1961

Section 143

Since Tribunal in assessee's own case had directed AO to estimate the commission income on accommodation entries @ 0.10%, following the same AO was directed to estimate the commission income @ 0.10% as against @ 1.5% of net credits determined in current assessment years and delete the balance addition accordingly.

Assessment - Additions to income - Commission income -

Assessee was engaged in the business of cheque discounting activities. AO dealt on the details submitted and the credits in bank account, estimated commission income on accommodation entries @ 1.5% of net credits and determined total income accordingly against which assessee filed the present appeal. Held: Tribunal, in assessee's own case, had directed AO to estimate the commission income @ 0.10% on accommodation transaction. Following the same, AO was directed to estimate the commission income @ 0.10% and delete the balance addition accordingly.

REFERRED :

FAVOUR : Partly in favour of assessee.

A.Y. : 2008-09



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