Credit Entries Appearing in Current & Savings Accounts are Gross Receipts from Business Transactions, 8% Profit Rate Applicable: ITAT

Credit Entries - Credit Entries Appearing in Current & Savings Accounts - Current & Savings Accounts - Gross Receipts - Gross Receipts from Business Transactions - Business Transactions - ITAT - taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that credit entries appearing in current and saving accounts are gross receipts from business transactions hence 8% profit rate should be applied. Assesee Gunaseelan Janaki Radha filed the appeal against the order of the Commissioner of Income Tax (Appeals). The assessee has…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader