Adopting the commission income at 0.5% - Unexplained bank ...

Commission Income Adjusted: Assessee's Net Commission Set at 0.20% After Bank Charges and Expenses Considered in Full.

May 21, 2022

Case Laws Income Tax AT

Adopting the commission income at 0.5% - Unexplained bank deposits - assessee could not rebut the fact that the assessee himself has stated of having received commission in cash @ 0.5% out of which 0.3% was paid as bank charges. We find that the CIT(Appeal) on the basis of this statement has adopted the commission income but he has allowed the expenses on the actual basis - statement cannot be used in part. It is to be read as a whole. Therefore, considering the statement of the assessee we hereby direct the Assessing Officer to adopt 0.20% as the net commission income of the assessee. - AT

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Adopting the commission income at 0.5% - Unexplained bank ...

Commission Income Adjusted: Assessee's Net Commission Set at 0.20% After Bank Charges and Expenses Considered in Full.

May 21, 2022

Case Laws Income Tax AT

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