Unexplained Income Reduced from ₹10 Cr to ₹2.22 Cr, Commission to 1% in entry transaction case

Parv Bansal Vs DCIT (ITAT Delhi)

ITAT Delhi restricts addition u/s 68 to ₹2.22 crore & cuts commission to 1% – Relief in entry transaction case

A survey u/s 133A was conducted on 11.04.2011 at the business premises of Late Shri Anil Kumar Bansal, a practicing Chartered Accountant. Loose papers & diaries showing cash & cheque entries in coded form were found. AO completed assessment u/s 143(3) making addition of ₹126.59 crore u/s 68 for alleged unexplained cash transactions. In first appeal, CIT(A) upheld the addition, but on second appeal, Tribunal (order d

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