ITAT Reduces Commission Income Addition to 0.50% on Bank Transactions in Income Tax Appeal, Citing It as Reasonable [Read Order]
The tribunal rejected the assessee’s argument regarding the addition of Rs. 1.20 lakh under section 69A, as no specific grounds were raised on this issue before the CIT(A)
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) reduced the commission income addition to 0.50% on bank transactions in an income tax appeal filed by the assessee, who was engaged in cheque discounting and money transfer, citing it as a reasonable rate based on the nature of the business and precedents in…
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