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 August 2021 Year 2021 This

Benefit of telescoping the commission income with the income ...

Case Laws     Income Tax

August 10, 2021

Benefit of telescoping the commission income with the income declared in the return - assessee is only an accommodation entry provider - - only estimated commission @1% on investments and sales to outside companies / parties should be considered and the same should be telescoped with the income returned by the assessee for the respective assessment years - AT

View Source

 


 

You may also like:

  1. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

  2. Settlement of case - Set off the unabsorbed business loss - filing of belated return - Indeed, the assessee disclosed the income declared in the settlement commission...

  3. Addition of commission expenses and franking charges - Allowable business expenditure or not? - The Tribunal acknowledged that the assessee had provided details of the...

  4. Commission income belonged to the HUF or assessee - Referring to TDS Certificate issued by Ajnara India Ltd. showing TDS on commission paid to HUF of the assessee and...

  5. Exemption u/s 10AA or 10A - As such the assessee during the assessment proceedings has come forward and filed the revised return of income declaring income under the...

  6. Estimation of commission income - unaccounted cash found during the search - AO has not brought any material on record to show higher commission income earned by the...

  7. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

  8. Penalty u/s 271AAA - The surrendered amount was declared in the return of income u/s 153A as misc. income. AO accepted this surrendered amount as misc. income as...

  9. Deduction u/s. 80(P)(2)(a)(i) - Due date for filing the return of income u/s 139(1) - The assessee cannot be denied deduction under Section 80P(2)(a)(i) of the Act if...

  10. Addition of commission income - estimation commission income of the assessee for 207 days - set off with the income already disclosed by the assessee - the only method...

  11. Power of CIT(A) for enhancement - declare TDS return as non-est - appeal relates to fee u/s. 234E - Act contains provision for declaring a return of income filed as...

  12. During a search operation, the assessee surrendered a lump sum amount as alleged long-term capital gains from the sale of shares as additional income u/s 132(4). The...

  13. Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

  14. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

  15. Revised return enhancing declared income necessitated by settlement with respondents in earlier years. AO refused to accept declarations and proceed per settlement. AO's...

 

Quick Updates:Latest Updates