https://www.taxtmi.com/caselaws?id=765945 ITAT Delhi held that addition of unaccounted brokerage income based on AO's presumption that assessee-broker must have received 1% commission was unjustified. The tribunal found that lower authorities rejected assessee's explanation without bringing corroborative evidence on record despite seized materials being referenced. CIT(A)'s confirmation of addition was disapproved as assessee had provided detailed submissions with supporting evidence including confirmation of brokerage payments. Addition based on presumption, surmises and conjectures was deleted. Appeal decided in favor of assessee. en-us Fri, 17 Jan 2025 00:00:00 +0530 Thu, 13 Feb 2025 08:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765945 ITAT Delhi held that addition of unaccounted brokerage income based on AO's presumption that assessee-broker must have received 1% commission was unjustified. The tribunal found that lower authorities rejected assessee's explanation without bringing corroborative evidence on record despite seized materials being referenced. CIT(A)'s confirmation of addition was disapproved as assessee had provided detailed submissions with supporting evidence including confirmation of brokerage payments. Addition based on presumption, surmises and conjectures was deleted. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765945