ITAT upheld addition for Income received for arranging the deal

Gnanasambantham Shanmuganathan Vs ACIT (ITAT Chennai) ITAT Chennai held that addition towards amount received as income sustained as it was specified that the amount was not given as loan or advances but was given for service towards arranging the whole deal. Facts- The assessee filed the return of income in response to the notice u/s. 148 of the Income Tax Act, 1961 admitting a total income of Rs. 11,27,390/- and agricultural income of Rs.3,00,000/. The assessment u/s. 143(3) r.w.s.147 of the Income Tax Act was completed by AO by making an addition of Rs.5,20,50,130/- and assessing the income...