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ITAT Mumbai Upholds 3% Commission on Bogus Textile Turnover; Loan Issue Remanded
Case Law Details
- Case Name
- Manish Kantilal Kapadia Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-2020
- Courts
- All ITAT, ITAT Mumbai
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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 t...
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