ITAT Surat Upholds Taxation of Only Commission Income in Cheque Discounting Case, Deletes ₹3.15 Crore Section 68 Addition

ITO Vs Nileshkumar Jayantilal Patel (ITAT Surat) The Income Tax Appellate Tribunal dismissed two appeals filed by the Revenue against the order of the National Faceless Appeal Centre (NFAC) for Assessment Years 2010-11 and 2011-12. The dispute related to additions made by the Assessing Officer under Section 68 of the Income-tax Act on account of unexplained cash credits appearing in multiple bank accounts maintained by the assessee. For Assessment Year 2010-11, the assessee had filed a return declaring income of Rs. 2,50,520. Information was received from the ADIT (Investigation), Surat that t...