Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The assessee's claim that bank credits were merely sale proceeds collected as a commission agent for farmers was rejected because no confirmations, agreements or other supporting material were produced. However, the estimate of profit at 12.5% of the total bank credits was held excessive, as the AO had not relied on comparable cases or other evidence to justify that rate. Following prior ITAT authority on fruits and vegetables trade, income was directed to be estimated at 4% of the total bank credits, and the addition was reduced accordingly.
The assessee's claim that bank credits were merely sale proceeds collected as a commission agent for farmers was rejected because no confirmations, agreements or other supporting material were produced. However, the estimate of profit at 12.5% of the total bank credits was held excessive, as the AO had not relied on comparable cases or other evidence to justify that rate. Following prior ITAT authority on fruits and vegetables trade, income was directed to be estimated at 4% of the total bank credits, and the addition was reduced accordingly.
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