The Bangalore bench of Income Tax Appellate Authority (ITAT) has recently while confirming the addition made by the assessing officer observed that the assessee did not produce any proof of payment of brokerage on sale of property.
Assessee Lakshminarayana Gupta is an individual. He filed the return of income and declared total income of Rs. 40,48,400/-.when the assessment completed assessing officer made addition on brokerage claim .Against the addition order assessee filed an appeal before ITAT.
On the hearing dates neither the Authorized Representative nor the assessee appeared.
Gudimella VP and Pavan Kumar Counsels for the revenue contente that the assessee was not able to submit any evidence to prove brokerage claim. Considering the same, the brokerage claimed of Rs.3,10,000/- is disallowed. 70% of the same amounting to Rs.2,17,000/- is added to the income of the assessee for the year to be taxed under Long Term Capital Gain
After considering the submission made by the revenue division bench of the ITAT comprising George George K, (Judicial member) and Padmavathy S, (Accountant Member) dismiss the appeal filed by the assessee and observed that the assessee has not produced any proof/evidences to substantiate that he had paid brokerage on the sale of property
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