ITAT Mumbai Upholds Dual Commission Addition on Bogus Purchase & Sale Entries

ITO Vs Javerilal Dalichand Bhansali (ITAT Mumbai) ITAT Mumbai Upholds Dual Commission Addition on Bogus Purchase and Sale Entries The Mumbai Bench of the ITAT allowed the Revenue’s appeal for AY 2011-12 and restored the Assessing Officer’s action of taxing commission income at 1% on both bogus purchases and bogus sales arising from accommodation entry transactions. The assessee had admitted in a statement recorded under section 131 that he was engaged in two activities—genuine trading in iron and steel, and a separate business of issuing accommodation bills without actual delivery of goo...