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Commission Rationalised to 0.40% on Sales/Purchases & 0.50% on Loans by ITAT Mumbai
Case Law Details
- Case Name
- Lokesh Kumar Khabya Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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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...
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