UMESH SABOO,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-2, JAIPUR

In the result, both the appeal filed by the assessee are partly\nallowed

245D(4) of the I.T. Act,\nconsidering the brokerage rate 1.2% per annum (i.e. 0.1% of the\nloan). Since the department accepted this rate for the transaction\nbetween the known and unknown person hence brokerage rate\nwas considered\n0.10 paisa per hundred in each transaction of\nthe assessee which has found not to be recorded in his regular\nbooks

UMESH SABOO,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2,, JAIPUR

property, Business and Other sources. The assessee is a\nfinance broker and earned brokerage income in his proprietary\nconcern M/s Vihan Associates. Statutory notice as required u/s.\n143(2) of the Act and notice u/s 142(1) were also issued to the\nassessee and information and details pertaining to the case\nrelevant to assessment of his income were called