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2022 (2) TMI 342 - AT - Income TaxEstimation of income - bogus purchases - Rejection of books of accounts - CIT-A made addition on bogus transaction of the assessee @2% instead of 0.01% as admitted by the assessee - HELD THAT:- As per assessee's own admission, it was the business of providing accommodation entries. Hence, the entire sales and purchases were accepted to be bogus and assessee admitted that he was getting 0.01% as commission. In these facts, there is no reason why the books of assessee should be accepted. Rejection of the books in the light of clear admission of the assessee that he is a bogus accommodation entry provider is quiet correct and there is no infirmity in this regard. Assessee has been found to be indulging in bogus accommodation entries, the income attributed to such transactions cannot be determined as per the whims and fancies of the assessee. On the facts and circumstances of the case, in our considered opinion, the 2% commission attributed by the revenue authorities is very fair. Hence, we do not find any infirmity in the same and we uphold the same - Decided against assessee.
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