Undisclosed 0.15% Commission on Accommodation Entries Added: ITAT Kolkata

Saanvi Developers & Realtors Pvt. Ltd. Vs ITO (ITAT Kolkata) ITAT Kolkata held that undisclosed commission income on accommodation entries to be added @0.15% instead of 1%. Accordingly, AO directed to compute the rate the commission @0.15% and not 1%. Facts- On the basis of credible information, the case of the assessee was selected for reassessment and notice u/s 148 was issued. In compliance with the notice u/s 148 the assessee filed return of income declaring total income of Rs. 26,90,090/-. Again notices along with requisitions were issued to the assessee, but there was not compliance ...