Seized Records Prove Brokerage, Yet Income Must Be Realistic: ITAT Jaipur

Sharad Kumar Choradia Vs ACIT (ITAT Jaipur) Seized Records Prove Brokerage, Yet Income Must Be Realistic– ITAT Jaipur Grants Relief- Remands for Re-Work Assessee was covered in search on Oswal Soap Group on 06.09.2018. Based on seized material from his residence & Oswal premises, AO held that Assessee was engaged as a finance broker, arranging unaccounted loans of M/s Uttam Chand Deshraj & others, charging commission of ₹100 per lakh. AO estimated brokerage income for six years aggregating to ₹39,22,106 & taxed the entire receipts without allowance of expenses. CIT(A) confirm...