https://www.taxtmi.com/caselaws?id=760491 ITAT Ahmedabad allowed the appeal regarding commission income estimation. The assessee argued that 2% commission rate admitted in preceding year was for specific land sale transaction, not accommodation entry transactions. The assessee contended 0.5% rate should apply, supported by similar cases where CIT(A) accepted 0.5% for identical transactions. The DR could not counter these contentions. ITAT set aside CIT(A)'s order confirming AO's 2% estimation and directed AO to estimate commission income at 0.5% of total bank deposits. All grounds allowed. en-us Fri, 18 Oct 2024 00:00:00 +0530 Mon, 21 Oct 2024 22:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760491 ITAT Ahmedabad allowed the appeal regarding commission income estimation. The assessee argued that 2% commission rate admitted in preceding year was for specific land sale transaction, not accommodation entry transactions. The assessee contended 0.5% rate should apply, supported by similar cases where CIT(A) accepted 0.5% for identical transactions. The DR could not counter these contentions. ITAT set aside CIT(A)'s order confirming AO's 2% estimation and directed AO to estimate commission income at 0.5% of total bank deposits. All grounds allowed. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760491