The CIT(A) partly allowed and restricted the addition on account ...

Tax tribunal deletes additions for commission expenses and non-genuine purchases for assessee's sister concern.

November 11, 2024

Case Laws Income Tax AT

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench of the Tribunal, in a similar case involving the assessee's sister concern, deleted the addition on account of non-genuine profit/loss in illiquid options and consequently also deleted the notional addition of commission u/s 69C. Following the same, the addition on account of commission expenses u/s 69C is deleted. Regarding the addition on account of non-genuine purchases, the coordinate bench of the Tribunal, in a similar case involving the assessee's sister concern, deleted the addition on account of non-genuine purchases. In the absence of contradictory material on facts and law, the addition on account of non-genuine purchases is also deleted, respectfully following the Tribunal's decision in the cited case.

View Source

← Previous Next →

The CIT(A) partly allowed and restricted the addition on account ...

Tax tribunal deletes additions for commission expenses and non-genuine purchases for assessee's sister concern.

November 11, 2024

Case Laws Income Tax AT

You may also like:

Unexplained cash credit addition rightly deleted as amount credited in sales account and offered as income. Non-genuine purchases addition rightly deleted based on...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

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

Estimation of income - Bogus purchases - Specific information received from the Sales Tax Department to indicate that certain purchases made by the assessee were...

Estimation of income - Non genuine purchases of diamond - the first appellate authority himself has sustained addition @3% of the non genuine purchases under more or...

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Disallowance of commission expenses - Non-service of letters to the buyers or non-compliance of the letters by the buyers does not show that the payment of commission...

The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned...

The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The...

The ITAT held that the common expenditure of the head office needs to be allocated on a reasonable and scientific basis to the eligible unit for correctly determining...

The Income Tax Appellate Tribunal (ITAT) decided the following: Disallowance of proportionate interest expenses was unjustified as the assessee had sufficient...

Alleged fraudulent transactions and non-genuine losses claimed by the assessee in currency option trades on the United Stock Exchange (USE). The key points are: The...

Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the...

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Quick Updates: