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Commission, Not Sale, Taxable for Property Brokers ITAT Delhi
Case Law Details
- Case Name
- Pawan Agarwal Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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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 ...
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