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2022 (9) TMI 241 - AT - Income TaxUnexplained cash credit u/s 68 - Estimation of income - Commission income earned for arranging such short term loans - HELD THAT:- Details filed by the assessee in the form of proof of identity, bank statements, nature of transactions carried out during the year, confirmation of amounts received, and copies of Income Tax Returns, we intend to hold that in the instant case, there can only can be an element of commission income which the assessee might have earned for arranging such short term loans for M/s. Pragati Managment and without holding the assessee to be an accommodation entry provider. Thus, to end the dispute and without setting any precedence for the alleged transactions, we estimate income of the assessee @ 3% of the total loans advanced i.e., 3% of Rs.1,00,00,000/- which comes to Rs.3,00,000/- and direct the Assessing Officer to sustain the said addition and the remaining addition of Rs.97,00,000/- stands deleted - Appeal of assessee partly allowed.
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