https://www.taxtmi.com/caselaws?id=795435 Agency receipts from recharge vouchers and wafers are taxable as commission income where the recipient acts for principals and does not obtain ownership of the goods. Estimating profit on the full bank credits is inconsistent with the principal-agent arrangement; income should instead be computed using a reasonable commission rate. Such receipts do not, by themselves, constitute the agent's turnover for purposes of a penalty for non-maintenance of books of account. The absence of established turnover in the preceding years further supports deletion of that penalty. en-us Mon, 13 Jul 2026 00:00:00 +0530 Wed, 22 Jul 2026 08:48:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795435 Agency receipts from recharge vouchers and wafers are taxable as commission income where the recipient acts for principals and does not obtain ownership of the goods. Estimating profit on the full bank credits is inconsistent with the principal-agent arrangement; income should instead be computed using a reasonable commission rate. Such receipts do not, by themselves, constitute the agent's turnover for purposes of a penalty for non-maintenance of books of account. The absence of established turnover in the preceding years further supports deletion of that penalty. Case-Laws Income Tax Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795435