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2023 (9) TMI 427 - ITAT MUMBAIBogus long term capital gains - exemption u/s 10 (38) - adoption of the rate of 3% as commission income of the assessee - assessee as per his own admission has stated that he used to earn commission income at the rate of 2% to 3 % and AO computed the income of the assessee at the rate of 3% on the above sum. Ld CIT (A) confirmed it - HELD THAT:- No infirmity in the order of the lower authorities so far as the adoption of the rate of 3% as commission income of the assessee. Thus, grounds are dismissed. Credit card expenditure - We find that when the income of the assessee has been taxed, he has the source of such expenditure available and therefore, making the addition of the above sum once again, is taxing sources and application of income both, and also amounts to double addition in the hands of the assessee. Accordingly, we direct the learned assessing officer to delete the addition made in the hands of the assessee as unexplained expenditure under section 69C of the Act. Ground of the appeal is allowed.
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