Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (12) TMI 101 - ITAT MUMBAIAssociation of the assessee with his employer in the bogus business activity - Addition being 1% of total credit amount in the bank accounts of the appellant not operated by him - AO has held that the employer of the assessee was running several proprietary concern through the connivance of the assessee and all the bank accounts were handled by his employer - Counsel contended that assessee has already shown the impugned commission and incentives received by the assessee from his employer for associating with his employer in his bogus business, thus further addition made on estimation basis in the hands of the assessee is not justified. HELD THAT:- After considering the above facts and findings of the assessing officer we consider it is appropriate to restrict the addition to the extent of .05% of the gross total of since, actually the business was run and controlled by the employer of the assessee and assessee had already shown the commission income received from the employer in the return filed. Unexplained cash credit u/s 68 - assessee explained that all these accounts were controlled and operated by his employer and he was just working as a benami person on the direction of his employer - HELD THAT:- AO accepted that assessee was not directly and fully involved in the running of two proprietary concern and the assessee was just acting as a benami person of his employer and the proprietary concern and bank accounts were controlled by his employer. Therefore, we consider because of association of the assessee in the bogus business activity of his employer addition of 15% of such cash deposit would be appropriate. Therefore, this ground of appeal of the assessee is partly allowed.
|