https://www.taxtmi.com/caselaws?id=314565 ITAT Ahmedabad ruled on commission income estimation where assessee failed to maintain books of accounts or provide details of parties making deposits totaling Rs. 158 crores. Despite claiming commission income at 0.1-0.15% of deposits, assessee provided no supporting documentation or beneficiary details. CIT(A) had added commission income at 1% of total receipts. ITAT held that without proper records or evidence, commission income should be restricted to 0.25% of total bank deposits, partially allowing assessee's appeal. Separate cash deposit addition of Rs. 3,21,730 was deleted as it formed part of declared income, avoiding double taxation. en-us Wed, 19 Apr 2023 00:00:00 +0530 Thu, 20 Jun 2024 06:55:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314565 ITAT Ahmedabad ruled on commission income estimation where assessee failed to maintain books of accounts or provide details of parties making deposits totaling Rs. 158 crores. Despite claiming commission income at 0.1-0.15% of deposits, assessee provided no supporting documentation or beneficiary details. CIT(A) had added commission income at 1% of total receipts. ITAT held that without proper records or evidence, commission income should be restricted to 0.25% of total bank deposits, partially allowing assessee's appeal. Separate cash deposit addition of Rs. 3,21,730 was deleted as it formed part of declared income, avoiding double taxation. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314565