Addition u/s 68 - Addition as income of brokerage/commission @ ...

Income Assessment Upheld: ITAT's Use of Peak Credit Deemed Appropriate, No Further Interference Required.

February 17, 2024

Case Laws Income Tax HC

Addition u/s 68 - Addition as income of brokerage/commission @ 2% of cash deposits as accommodation entry provider - onus to prove - The High Court concluded that the respondent had disclosed complete details of the bank accounts and transactions, and the income was correctly determined as brokerage/commission on the cash deposits. - The peak credit adopted by the ITAT to determine income of the assessee does not require interference. - The order of ITAT deleting the additions confirmed.

View Source

← Previous Next →

Addition u/s 68 - Addition as income of brokerage/commission @ ...

Income Assessment Upheld: ITAT's Use of Peak Credit Deemed Appropriate, No Further Interference Required.

February 17, 2024

Case Laws Income Tax HC

You may also like:

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

Reopening of assessment u/s 147 justified due to tangible material available with Assessing Officer (AO) to form reasonable belief regarding escapement of income....

The Appellate Tribunal addressed two issues regarding TDS credit. Firstly, the Tribunal emphasized that income and TDS must align in any assessment year when income is...

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

The case involves the validity of assessments u/s 153A and 132 of the Income Tax Act. In the absence of incriminating material seized during the search, assessments...

Scope of Section 17(5)(d) - construction of immovable property (shopping malls) intending for letting out for rent - input tax credit from construction against output...

ITAT allowed taxpayer's appeal regarding Tax Collected at Source (TCS) credit for minor child's income clubbed with parent's income. While statutory amendment permitting...

CENVAT Credit - duty paying invoices - performa invoices - the documents required under the Rule 9 are not confined to merely invoices but these may be any documents,...

CENVAT Credit - credit of input services distributed by the Input Service Distributor - it cannot be claimed that input service distributor is making self assessment...

HC upheld the assessment order made under section 143(3) read with section 144B. The assessee's contention regarding violation of Faceless Assessment Scheme due to...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

This case involves a challenge to an order of re-assessment under the relevant tax laws. The key points are: The petitioner failed to submit monthly returns within the...

Amendment of section 197. - Scope extended - where, in the case of any income of any person or sum payable to any person, the income-tax is required to be deducted at...

Set-off of the losses against the deemed income u/s 69C - Determination of correct head of income - there is no iota of doubt that the deemed income assessed u/s 69C of...

Quick Updates: