ITAT Restricts Tax Addition to 1% in Broker Code Misuse Case

ITO Vs Lalkar Commodities Pvt Ltd (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of ITO vs. Lalkar Commodities Pvt Ltd, has upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] to restrict an addition of to 1% of the total transaction value. The restriction was based on the finding that the assessee acted solely as a broker in the disputed transactions and was not the ultimate beneficiary of the alleged tax evasion scheme involving client code modification. ITAT Upholds 1% Addition on Broker Transactions in Client Code Misuse Case The case...