ITAT Mumbai Upholds 3% Commission on Bogus Textile Turnover; Loan Issue Remanded

Manish Kantilal Kapadia Vs ACIT (ITAT Mumbai) Search action u/s 132 on the “One World Group” & the residential premises of Assessee & her husband revealed that the textile concerns M/s RM Textiles, M/s RK Traders & M/s RK Impex had no real business activity. Statements u/s 132(4) of Shri Manish Kapadia, Shri Hemendra Kapadia & Shri Urvil Jani confirmed that all sales & purchases were only paper transactions without any stock, delivery, transportation or supporting documents, & were accommodation entries used for inflating turnover. Assessee failed to file complete d...