https://www.taxtmi.com/caselaws?id=753019 The ITAT Surat partially allowed the assessee's appeal regarding unexplained credit under section 68. The assessee, who earned 0.50% commission per Rs. 100 for cheque discounting services, failed to provide customer details or transaction documentation. The AO added the entire credit entry as income. However, the ITAT found that merely being unable to file party-wise details cannot result in entire bank transactions being taxed as income. Following precedent in similar cases, the Tribunal restricted the addition to Rs. 75 per lakh (0.75%) on the net credit amount of Rs. 2.07 crores in the bank account, considering the peculiar nature of the business requiring no capital investment. en-us Thu, 04 Jan 2024 00:00:00 +0530 Wed, 22 May 2024 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753019 The ITAT Surat partially allowed the assessee's appeal regarding unexplained credit under section 68. The assessee, who earned 0.50% commission per Rs. 100 for cheque discounting services, failed to provide customer details or transaction documentation. The AO added the entire credit entry as income. However, the ITAT found that merely being unable to file party-wise details cannot result in entire bank transactions being taxed as income. Following precedent in similar cases, the Tribunal restricted the addition to Rs. 75 per lakh (0.75%) on the net credit amount of Rs. 2.07 crores in the bank account, considering the peculiar nature of the business requiring no capital investment. Case-Laws Income Tax Thu, 04 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753019