Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Commission income in agency business should be determined with reference to the limited mark-up permitted under principal-agent arrangements, rather than by applying a net-profit rate to gross bank receipts. The material describes estimation at 5 per cent of gross bank receipts from recharge vouchers and goods. It also addresses penalty for non-maintenance of books where bank receipts represent agency transactions rather than the agent's turnover. As ownership of the goods remains with the principals, such receipts cannot be treated as turnover; absence of evidence of prior-year turnover further undermines the penalty basis.
Commission income in agency business should be determined with reference to the limited mark-up permitted under principal-agent arrangements, rather than by applying a net-profit rate to gross bank receipts. The material describes estimation at 5 per cent of gross bank receipts from recharge vouchers and goods. It also addresses penalty for non-maintenance of books where bank receipts represent agency transactions rather than the agent's turnover. As ownership of the goods remains with the principals, such receipts cannot be treated as turnover; absence of evidence of prior-year turnover further undermines the penalty basis.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
