ITAT Upholds 5% Income Estimation on Accommodation Entry Transactions

Suresh Kumar Vs ACIT (ITAT Delhi) Bogus Sales/Accommodation Entries- ITAT Confirms 5% Estimation for Entry Operator: Both Assessee & Revenue Appeals Dismissed Tribunal decided four cross appeals involving additions on account of alleged bogus sales & accommodation entry business. AO had treated entire bank credits as unexplained & assessed income at Rs.8.14 crore for AY 2012-13 as against returned income of Rs.4.41 lakh, based on Investigation Wing findings that Assessee was engaged in providing accommodation entries without any actual delivery of goods. CIT(A)/NFAC examined past a...