https://www.taxtmi.com/caselaws?id=467010 Disputed bank credits were treated on the basis that tax applies to real income not gross receipts; where receipts correspond to broking/commission activity and suppliers/payments exist, the taxable amount was restricted to commission income estimated on a net-profit basis, and an amount already assessed in the hands of the principal was disallowed against the conduit. The special tax provision for computation was held applicable from its effective date and the tax is to be computed accordingly, resulting in a partly allowed appeal by restricting additions and dismissal of the revenue's challenge on that point. en-us Mon, 24 Feb 2025 00:00:00 +0530 Sat, 28 Feb 2026 10:33:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467010 Disputed bank credits were treated on the basis that tax applies to real income not gross receipts; where receipts correspond to broking/commission activity and suppliers/payments exist, the taxable amount was restricted to commission income estimated on a net-profit basis, and an amount already assessed in the hands of the principal was disallowed against the conduit. The special tax provision for computation was held applicable from its effective date and the tax is to be computed accordingly, resulting in a partly allowed appeal by restricting additions and dismissal of the revenue's challenge on that point. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467010