1% Shroff Commission Addition Set Aside for Lack of Verification

ITO Vs Dharmesh Rajnikant Trivedi (ITAT Ahmedabad) 1% Estimation of Cash Credits as Shroff Commission Set Aside: ITAT Ahmedabad Orders Fresh Verification The Ahmedabad Bench of the ITAT allowed the Revenue’s appeal for statistical purposes for AY 2018-19, holding that the CIT(A) erred in restricting a massive addition under section 69A to 1% of total bank credits by presuming Shroff (money-lending/commission) business, without factual verification. The assessee had not filed a return of income and had huge cash deposits of ₹5.73 crore in his bank account. The AO treated ₹4.78 crore as un...