Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Rate of commission on accommodation entries - CIT(A) has applied ...


Income Tax Appeals Commissioner Sets 2% Commission Rate on Accommodation Entries as Reasonable and Appropriate.

June 15, 2016

Case Laws     Income Tax     AT

Rate of commission on accommodation entries - CIT(A) has applied correct estimate of rate of commission income @2% which is reasonable and appropriate - AT

View Source

 


 

You may also like:

  1. The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

  2. Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

  3. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

  4. Addition u/s 68 - bogus LTCG - share capital and share premium were merely paper credit entries - receipt of accommodation entries in lieu of commission paid - The...

  5. Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

  6. Addition u/s 68 - Estimation of commission on accommodation entries - Though, it can be accepted that in case of accommodation entry provider only commission can be...

  7. Disallowance of sub-contract payments for land development expenses - accommodation entries for income and expenditure both - Assessee have not executed any work except...

  8. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

  9. Addition of commission income - accommodation entry provider - commission income with respect to the transaction entered into by the entry operator are required to be...

  10. Revision u/s 263 - undisclosed income of the firm - Having arrived at the true nature of assessee's activities of that of an accommodation entry provider, the AO has...

  11. The key points are: The Assessing Officer (AO) erroneously applied Section 69C of the Income Tax Act, which deals with unexplained expenditure, to transactions involving...

  12. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

  13. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

  14. Entry No. 59 of Notification No. 01/2017 Central Tax (Rate) dated 28.06.2017, as amended by Notification 06/2022-Central Tax (Rate) dated 13.07.2022, mentions 'Meal and...

  15. Estimation of rate of commission earned on the accommodation cheques - estimation of commission @3% on cheque amount and 20% on expenditure will be fair and reasonable - AT

 

Quick Updates:Latest Updates