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 ass

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