Credit Entries Appearing in Current & Savings Accounts are Gross Receipts from Business Transactions, 8% Profit Rate Applicable: ITAT

Credit Entries - Credit Entries Appearing in Current & Savings Accounts - Current & Savings Accounts - Gross Receipts - Gross Receipts from Business Transactions - Business Transactions - ITAT - taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that credit entries appearing in current and saving accounts are gross receipts from business transactions hence 8% profit rate should be applied. Assesee Gunaseelan Janaki Radha filed the appeal against the order of the Commissioner of Income Tax (Appeals). The assessee has…

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