2026 (1) TMI 1304

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....sessing Officer (for short, "AO") under Section 143(3) of the Income-tax Act, 1961 (for short, "Act"), dated 21/12/2019, for the Assessment Year 2017-18. 2. The controversy involved in the present appeal lies in a narrow compass, i.e., the claim of the assessee that the re-characterization of the assessee's commission income of Rs. 60,52,302/- as an unexplained cash credit under section 68 of the Act has resulted to a double addition in the hands of the assessee. 3. Shorn of unnecessary details, the assessee had filed his return of income for AY 2018-19 on 03/10/2017, declaring an income of Rs. 1,24,80,020/-. Thereafter, the case of the assessee was selected for "limited scrutiny" under CASS for verifying "large increase in capital in....

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....e lower authorities and the material available on record, as well as considered the judicial pronouncements that have been pressed into service by the Ld. AR to drive home his contentions. 10. Admittedly, it is a matter of fact discernible from the record that the assessee in his Profit & Loss account for the subject year had, inter alia, credited commission income of Rs. 82,02,302/- (which includes the subject commission income of Rs. 60,52,302/-). Although, the AO had in the absence of supporting documentary evidence recharacterized the commission receipts of Rs. 60,52,302/-, viz., unexplained cash credits: Rs. 20,52,302/-; and (ii) unsubstantiated receipts: Rs. 40,00,000/-, as an unexplained cash credit under section 68 of the Act, bu....

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....ribunal in Sathi Mangayamma vs. ITO, Ward-2, Kakinada in ITA No.119/Viz/2025, 30/06/2025, wherein it was held as under: "18. We find that on the issue of the year of applicability of the post amended section 115BBE of the Act, i.e., as had been made available on the statute vide the Taxation Laws (Second Amendment) Act, 2016 w.e.f. 01.04.2017 there are conflicting views of the non-jurisdictional High Courts. On the one hand the Hon'ble High Court of Kerala in the case of Maruthi Babu Rao Jadav Vs. The Assistant Commissioner of Income-tax, Central Circle 1, Kozhikode, WA No. 984 of 2019, dated 23.09.2020 while dealing with the issue as to whether or not the enhanced rate of tax liability contemplated in the post-amended Section ....