Genuineness of Commission paid to relative against sale of land ...

Commission Payments to Relatives Require Evidence Beyond Banking Transactions; Need Third-Party Confirmation and Clear Justification.

October 27, 2020

Case Laws Income Tax AT

Genuineness of Commission paid to relative against sale of land - Merely payment through banking channels is not sufficient to establish the genuineness of the particular transaction. There has to be some specific material on record, 3rd party confirmation and most important that the facts should convey the basic need for why the commission was paid. - AT

View Source

← Previous Next →

Genuineness of Commission paid to relative against sale of land ...

Commission Payments to Relatives Require Evidence Beyond Banking Transactions; Need Third-Party Confirmation and Clear Justification.

October 27, 2020

Case Laws Income Tax AT

You may also like:

TDS liability on Bank guarantee commission u/s 194A - Assessee in present case paid commission to bank not as an agent - there was no need to deduct TDS on the Bank...

Undervalued/preferential/fraudulent transactions - Failure to adjudicate about the ingredients of Section 43, 45, 49 and 66, specifically - need for separate...

HC upheld Settlement Commission's order accepting assessee's settlement amount under s.245D(4). Commission determined assessee lacked direct involvement in land...

TDS u/s 194H from payment of bank guarantee commission to the bank - when there is no principal-agent relationship between the bank and the assessee, deduction of tax at...

The Reserve Bank of India (RBI) issued Circular No. 11 on June 11, 2024, allowing Scheduled Commercial Banks with AD Category-I license to open additional current...

Revision u/s 263 - Genuineness of expenditure (Commission paid) - The ITAT found that the commission agreement was genuine, payments were made through banking channels,...

TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

Payment of commission to relatives for the services rendered by them for promoting sales. - genuineness of commission established - deduction allowed - HC

TDS u/s 194H - bank guarantee commission - whether the bank guarantee commission is not in the nature of commission paid to an agent but it is in the nature of bank...

Addition u/s 40A - sum paid in cash in respect of purchase of the two immoveable properties - Sale deed has been executed on 18.8.2013 and the payment has been made on...

Income from other sources u/s 56 - A Will can be written by anybody. In a Will, anybody can be given a bequeathal. It need not be a relative alone. The fact that the...

How long should a Bank keep records - Violation of the provisions of the FERA - Undisputedly, no such order has been placed on record which required the...

Clandestine removal - The standard of evidences need not be as high as in criminal proceedings, where the charges are required to be established beyond reasonable doubts....

Disallowance of commission paid - the payments were made by an agent and there was no evidence to suggest that the assessee had made any illegal commission payment to...

Transfer pricing adjustment – Indenting transactions - commission percentage from AE transactions should be benchmarked on the basis of commission rate from non-AE...

Quick Updates: