Case Law Details
K. Sivasubramaniam (Deceased) Vs ITO (Madras High Court)
Introduction: The case of K. Sivasubramaniam (Deceased) vs ITO before the Madras High Court revolves around an assessment order dated 19.01.2021, which raised questions about the application of mind while passing the order. This article provides an in-depth analysis of the case, focusing on the dispute related to brokerage costs.
Background Information: The petitioner filed a Writ Petition seeking to quash the assessment order dated 19.01.2021 issued by the second respondent under Section 154 of the Income Tax Act, 1961, for the assessment year 2012-13.
Brokerage Cost Dispute: The primary issue in this case pertains to the brokerage cost of Rs. 58,75,569/- that the petitioner allegedly paid to various brokers. The brokers and their PAN details were provided in the assessment order.
Original Assessment Order: The original assessment order dated 16.12.2019 had stated that the petitioner claimed Rs. 58,75,771/- as a deduction for brokerage. However, the evidence produced only accounted for Rs. 14,95,241/-. This led to a significant discrepancy.
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