https://www.taxtmi.com/caselaws?id=336901 The case involved cross-appeals by the Revenue and the assessee regarding the disallowance of commission on undisclosed sales. The CIT(A) restricted the disallowance to 2% of the net commission based on previous tribunal decisions. However, the Tribunal remanded the case back to the AO as the assessee failed to prove the sales by not providing beneficiary details. The judgment also discussed an assessment based on a search action under section 132 of the Income Tax Act, emphasizing the importance of proving beneficiaries of accommodation entries. The decision underscores the need for thorough verification of facts and compliance with legal provisions in determining additions to an assessee's income. en-us Tue, 06 Dec 2016 00:00:00 +0530 Fri, 30 Dec 2016 17:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336901 The case involved cross-appeals by the Revenue and the assessee regarding the disallowance of commission on undisclosed sales. The CIT(A) restricted the disallowance to 2% of the net commission based on previous tribunal decisions. However, the Tribunal remanded the case back to the AO as the assessee failed to prove the sales by not providing beneficiary details. The judgment also discussed an assessment based on a search action under section 132 of the Income Tax Act, emphasizing the importance of proving beneficiaries of accommodation entries. The decision underscores the need for thorough verification of facts and compliance with legal provisions in determining additions to an assessee's income. Case-Laws Income Tax Tue, 06 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336901