https://www.taxtmi.com/caselaws?id=767425 ITAT Mumbai reduced deemed commission income from penny stock transactions from 3% to 0.15% of total transaction value. The AO initially applied 3% commission rate, upheld by CIT(A). However, ITAT followed coordinate bench precedents in Mukesh Chokshi and Goldstar Finvest cases establishing 0.15% as appropriate rate. Revenue failed to provide contrary judgments to counter assessee's submissions. ITAT deleted AO's addition and allowed assessee's appeal, applying reduced commission rate on total sales and purchases value. en-us Wed, 12 Mar 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767425 ITAT Mumbai reduced deemed commission income from penny stock transactions from 3% to 0.15% of total transaction value. The AO initially applied 3% commission rate, upheld by CIT(A). However, ITAT followed coordinate bench precedents in Mukesh Chokshi and Goldstar Finvest cases establishing 0.15% as appropriate rate. Revenue failed to provide contrary judgments to counter assessee's submissions. ITAT deleted AO's addition and allowed assessee's appeal, applying reduced commission rate on total sales and purchases value. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767425