ITAT restricts addition for commission on accommodation entries to 0.15%

Buniyad Chemicals Ltd. Vs ACIT (ITAT Mumbai) In a recent ruling on October 18, 2024, the Income Tax Appellate Tribunal (ITAT) in Mumbai addressed the appeals filed by Buniyad Chemicals Ltd. against the orders of the Commissioner of Income Tax (Appeals) pertaining to assessment years 2003-04 and 2008-09. The appeals stem from a June 26, 2011, order and focus on several grounds concerning the validity of assessments and the treatment of unexplained bank deposits. Background of the Case Buniyad Chemicals Ltd., managed by Mukesh Chokshi and associates, was under scrutiny following a search operati...