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Mere Rough Jottings Cannot Justify Addition of Rs. 20.3 Lakh Brokerage Income
Case Law Details
- Case Name
- Divyang Dipakkumar Vyas Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Ahmedabad
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Divyang Dipakkumar Vyas Vs DCIT (ITAT Ahmedabad)
Loose Papers Without Party/Property Details Not Enough for Taxing Brokerage- Rough Jottings Cannot Justify Addition of Rs. 20.3 Lakh Brokerage Income
Assessee, partner in City Estate Group with Shri Pravin Bavadiya (profit ratio 20:80), had originally declared income of Rs.6.65 lakh. AO, relying on seized loose papers, alleged unaccounted brokerage income of Rs.84 lakh and taxed Rs.20.30 lakh as Assessee’s 20% share for A.Y. 2019-20. Similar additions were made for subsequent years.
CIT(A) upheld additions, holding that brokerage was received ...
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