https://www.taxtmi.com/caselaws?id=768931 ITAT Nagpur allowed the assessee's appeal partially. The tribunal deleted additions for commission on turnover transactions due to lack of evidence of actual payment by the concerned company. For commission on loan transactions, the tribunal reduced the rate from 0.25% to 0.15% based on the assessee's statement during search. Addition under section 68 for unsecured loans was deleted as the assessee adequately explained the credits with supporting documents. The tribunal held that surrendered income of Rs. 75 lakh should be taxed at normal rates, not under section 115BBE. The section 148 notice was quashed due to invalid approval under section 151. Bank credit additions were deleted as the source was adequately explained and verified. en-us Tue, 25 Feb 2025 00:00:00 +0530 Wed, 16 Apr 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768931 ITAT Nagpur allowed the assessee's appeal partially. The tribunal deleted additions for commission on turnover transactions due to lack of evidence of actual payment by the concerned company. For commission on loan transactions, the tribunal reduced the rate from 0.25% to 0.15% based on the assessee's statement during search. Addition under section 68 for unsecured loans was deleted as the assessee adequately explained the credits with supporting documents. The tribunal held that surrendered income of Rs. 75 lakh should be taxed at normal rates, not under section 115BBE. The section 148 notice was quashed due to invalid approval under section 151. Bank credit additions were deleted as the source was adequately explained and verified. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768931