Commission, Not Sale, Taxable for Property Brokers ITAT Delhi

Pawan Agarwal Vs DCIT (ITAT Delhi) Property Broker Not Owner of Deal – Broker Can’t Be Expected to Produce Clients -Broker Only Taxable on Commission Assessee, a property broker & director in LRG Developers Pvt. Ltd., was subjected to survey u/s 133A on 27.09.2011. During survey, two diaries were impounded – (i) “Day Book” reflecting cash entries of ₹4.29 crore & (ii) “Trison Ledger” showing balance of ₹1.62 crore in name of Shri Bharatpal. AO treated both as unexplained income of Assessee & completed assessment at ₹6.00 crore against returned income of ₹5.40 ...