Accommodation Entry Cases: Full Addition Applies Without Proof

ITO Vs Bherulal Chunnilal Jain (ITAT Mumbai) Accommodation Entry Case: Entire Bank Credits Taxable When Beneficiaries Not Identified, Holds Mumbai ITAT The Mumbai Bench of the ITAT allowed the Revenue’s appeal in the case of Mr. Bherulal Chunnilal Jain (AY 2009-10) and restored the full addition of ₹25.87 crore under section 68, rejecting the CIT(A)’s approach of taxing only estimated commission income. The Tribunal held that where huge credits appear in a bank account admittedly belonging to the assessee, and the assessee fails to establish the identity, creditworthiness and genuineness...