https://www.taxtmi.com/caselaws?id=448023 The ITAT Surat ruled on a case involving commission income estimation and interest income discrepancies. The assessee was found providing bogus purchase/sales bills and accommodation loan entries during survey. The tribunal held that the assessee was entitled to enhanced estimated expenditure from 20% to 50% of gross commission, as the Assessing Officer wrongly computed the balance irreconcilable amount without proper set-off. Regarding interest income differences between Form 26AS and return filing, the tribunal deleted the addition as it constituted double taxation since accommodation loans were already treated as bogus with estimation addition made. The appeal was partly allowed in favor of the assessee. en-us Fri, 29 Dec 2023 00:00:00 +0530 Wed, 10 Jan 2024 09:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448023 The ITAT Surat ruled on a case involving commission income estimation and interest income discrepancies. The assessee was found providing bogus purchase/sales bills and accommodation loan entries during survey. The tribunal held that the assessee was entitled to enhanced estimated expenditure from 20% to 50% of gross commission, as the Assessing Officer wrongly computed the balance irreconcilable amount without proper set-off. Regarding interest income differences between Form 26AS and return filing, the tribunal deleted the addition as it constituted double taxation since accommodation loans were already treated as bogus with estimation addition made. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448023