https://www.taxtmi.com/caselaws?id=445952 ITAT Delhi upheld AO's estimation of commission income at 0.60% on accommodation entries after assessee failed to provide evidence of genuine business activity or details of transaction parties. The tribunal confirmed the assessee operated as an entry operator rather than conducting legitimate business. Addition of TDS on interest income under section 194A was upheld as interest must be taxed separately under "income from other sources." Depreciation disallowance was confirmed since no business activity existed. However, tribunal allowed telescoping benefit of Rs 1,48,380 representing business income voluntarily disclosed by assessee against confirmed additions. en-us Wed, 26 Jul 2023 00:00:00 +0530 Wed, 22 Nov 2023 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445952 ITAT Delhi upheld AO's estimation of commission income at 0.60% on accommodation entries after assessee failed to provide evidence of genuine business activity or details of transaction parties. The tribunal confirmed the assessee operated as an entry operator rather than conducting legitimate business. Addition of TDS on interest income under section 194A was upheld as interest must be taxed separately under "income from other sources." Depreciation disallowance was confirmed since no business activity existed. However, tribunal allowed telescoping benefit of Rs 1,48,380 representing business income voluntarily disclosed by assessee against confirmed additions. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445952