Only Profit in Brokerage Receipts Taxable, Not Gross Amount: ITAT Hyderabad

Anitha Kotamraju Vs ITO (ITAT Hyderabad) Only Profit Element in Brokerage Receipts Taxable; Income Estimated at 25% of Gross Commission The Hyderabad Bench (SMC) of the ITAT partly allowed the assessee’s appeal for AY 2013-14 by holding that the entire brokerage/commission receipts cannot be taxed as income, even where the assessee had not maintained regular books of account. The assessee, a housewife, had allowed her bank account to be used by a stockbroker (BN Rathi Comtrade Pvt. Ltd.), and the Assessing Officer had treated the entire commission receipts of ₹43.71 lakh as unexplained inc...