ITAT Restricts Estimated Commission on Cheque Discounting to 0.35 Percent

Advertisement Surajnath Bhimnath Sidh Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat, disposed of two appeals filed by the assessee for Assessment Years 2012-13 and 2013-14 through a consolidated order, as both involved identical issues. For Assessment Year 2012-13, the assessee had originally filed a return declaring taxable income of ₹4,77,770 and subsequently filed a return in response to a notice under Section 148. During reassessment, the Assessing Officer noticed credit entries aggregating ₹170.09 crore in various bank accounts. The assessee explained that he ...