Commission Rationalised to 0.40% on Sales/Purchases & 0.50% on Loans by ITAT Mumbai

Lokesh Kumar Khabya Vs DCIT (ITAT Mumbai) Reopening Quashed in 6 Cases for No Addition on Recorded Reasons; Commission Estimation Rationalised to 0.40% (Sales/Purchases) & 0.50% (Loans) with Group-Entity Exclusion  These 37 connected appeals were clubbed and disposed by a common order since all assessees belonged to the Lokesh Khabya / ARC-linked group, and issues in all years revolved around (i) validity of reassessment u/s 147 & (ii) estimation of commission income for alleged accommodation entries in sales, purchases & loans. I. Six appeals fully allowed—Reopening quashed (Je...