No Adhoc Disallowance of Commission on Assumptions Without Specific Defects: ITAT Delhi

Brivan Consultants Private Limited Vs ACIT (ITAT Delhi) The case concerns cross appeals filed by the assessee and the Revenue against the order dated 21.06.2024 passed by the Commissioner of Income Tax (Appeals) [CIT(A)] arising from an assessment under Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2018–19. The assessee, a private limited company engaged in financial consultancy services, had undertaken bond trading during the relevant year. The Assessing Officer examined commission payments made to 77 persons for procuring bonds that were sold to U.P. State Bridge Corporati...