Mere Rough Jottings Cannot Justify Addition of Rs. 20.3 Lakh Brokerage Income

Divyang Dipakkumar Vyas Vs DCIT (ITAT Ahmedabad) Loose Papers Without Party/Property Details Not Enough for Taxing Brokerage- Rough Jottings Cannot Justify Addition of Rs. 20.3 Lakh Brokerage Income Assessee, partner in City Estate Group with Shri Pravin Bavadiya (profit ratio 20:80), had originally declared income of Rs.6.65 lakh. AO, relying on seized loose papers, alleged unaccounted brokerage income of Rs.84 lakh and taxed Rs.20.30 lakh as Assessee’s 20% share for A.Y. 2019-20. Similar additions were made for subsequent years. CIT(A) upheld additions, holding that brokerage was received ...