https://www.taxtmi.com/caselaws?id=465116 ITAT Surat dismissed Revenue's appeal and upheld the CIT(A)'s order restricting addition to 1% of total gross transactions as brokerage income, instead of peak credit addition under s.68. Seized documents indicated that the assessee was engaged in real estate brokerage, consistently earning commission at 1% on purchase/sale/resale of flats, shops and plots. The AO's approach of treating peak credits of cash receipts and payments as unexplained cash credits was rejected once the nature of business as brokerage was accepted. CIT(A)'s partial relief, deleting the balance addition and sustaining only 1% of gross receipts, was found proper and free from infirmity. en-us Thu, 23 Nov 2023 00:00:00 +0530 Sat, 06 Dec 2025 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465116 ITAT Surat dismissed Revenue's appeal and upheld the CIT(A)'s order restricting addition to 1% of total gross transactions as brokerage income, instead of peak credit addition under s.68. Seized documents indicated that the assessee was engaged in real estate brokerage, consistently earning commission at 1% on purchase/sale/resale of flats, shops and plots. The AO's approach of treating peak credits of cash receipts and payments as unexplained cash credits was rejected once the nature of business as brokerage was accepted. CIT(A)'s partial relief, deleting the balance addition and sustaining only 1% of gross receipts, was found proper and free from infirmity. Case-Laws Income Tax Thu, 23 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465116