ITAT Directs AO to Tax Only 1% Commission If PAN Misused in Fraudulent Forex Transactions:
The Income Tax Appellate Tribunal (ITAT) Delhi has restored a reassessment matter to the AO after the assessee claimed that its PAN was fraudulently used by a forex company to carry out foreign currency transactions.
ITAT remands reassessment
Saima
Jul 1, 2026
Premium
ITAT Directs AO to Tax Only 1% Commission If PAN Misused in Fraudulent Forex Transactions
The Income Tax Appellate Tribunal (ITAT) Delhi has restored a reassessment matter to the AO after the assessee claimed that its PAN was fraudulently used by a forex company to carry out foreign currency transactions.
Also Read
High Court Holds No Further Assessment Proceedings Warranted After Earlier Appeal DismissalITAT Deletes Rs 10 Lakh Penalty for Non-Disclosure of Foreign Investment in Schedule FAITAT Remands Rs 1.30 Crore Unexplained Money Addition and Penalty for Fresh HearingITAT Deletes Section 43 Penalty for Non-Disclosure of Foreign Assets in Schedule FA
About Author
Saima
Content Writer
Saima is a Law graduate with a passion for research and content writing. She writes for Finance, Taxation and Legal Updates at Studycafe.in, simplifying complex legal decisions by the ITAT, High Court, AAR and GSTAT into uncomplicated and clear explanations.
Saima is a Law graduate with a passion for research and content writing. She writes for Finance, Taxation and Legal Updates at Studycafe.in, simplifying complex legal decisions by the ITAT, High Court, AAR and GSTAT into uncomplicated and clear explanations.
StudyCafe
Delhi, Delhi, India
577My Recent Articles
- High Court Holds No Further Assessment Proceedings Warranted After Earlier Appeal Dismissal
- GSTAT Allows Inverted Duty Refund Despite Same HSN for Inputs and Outputs
- ITAT Deletes Rs 10 Lakh Penalty for Non-Disclosure of Foreign Investment in Schedule FA
- High Court Rejects Customs Department’s Plea to Condonate 154-Day Delay in Filing Appeal
- ITAT Remands Rs 1.30 Crore Unexplained Money Addition and Penalty for Fresh Hearing
Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts