https://www.taxtmi.com/caselaws?id=416101 The Tribunal dismissed the appeals for the assessment years 2008-09 to 2014-15, upholding the AO's assessment of commission income and rejection of the books of accounts. The Tribunal found that the assessee's business activities were characterized as accommodation entries based on sufficient incriminating evidence and corroborative statements. The retraction of statements was not accepted due to the delay and lack of supporting evidence. The disallowance of expenses, including foreign exchange fluctuation loss, was also upheld. en-us Fri, 26 Nov 2021 00:00:00 +0530 Tue, 21 Dec 2021 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416101 The Tribunal dismissed the appeals for the assessment years 2008-09 to 2014-15, upholding the AO's assessment of commission income and rejection of the books of accounts. The Tribunal found that the assessee's business activities were characterized as accommodation entries based on sufficient incriminating evidence and corroborative statements. The retraction of statements was not accepted due to the delay and lack of supporting evidence. The disallowance of expenses, including foreign exchange fluctuation loss, was also upheld. Case-Laws Income Tax Fri, 26 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416101