https://www.taxtmi.com/caselaws?id=794420 Where business receipts arise from cheque and draft discounting, income should be assessed on a reasonable commission or net profit basis, supported by the assessee's accepted past results; the article notes adoption of 0.35% after earlier-year treatment at that rate. It also states that a bank transaction explained as cheque discounting cannot be treated as a loan or unexplained income without contrary evidence. On these facts, the disputed additions were reduced or deleted, and taxable income was determined on the footing that only commission income was earned. en-us Wed, 01 Jul 2026 00:00:00 +0530 Mon, 06 Jul 2026 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794420 Where business receipts arise from cheque and draft discounting, income should be assessed on a reasonable commission or net profit basis, supported by the assessee's accepted past results; the article notes adoption of 0.35% after earlier-year treatment at that rate. It also states that a bank transaction explained as cheque discounting cannot be treated as a loan or unexplained income without contrary evidence. On these facts, the disputed additions were reduced or deleted, and taxable income was determined on the footing that only commission income was earned. Case-Laws Income Tax Wed, 01 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794420