https://www.taxtmi.com/caselaws?id=446417 ITAT Mumbai held that where assessee acted as benami for employer's bogus business activities, addition of 1% of total bank credit was excessive. Since employer controlled all operations and assessee already declared commission income from employer, addition was restricted to 0.05% of gross total. For unexplained cash credits under section 68, where assessee functioned as benami with employer controlling proprietary concerns and bank accounts, addition was limited to 15% of cash deposits rather than treating entire amount as unexplained credit. Appeal partly allowed. en-us Mon, 23 Oct 2023 00:00:00 +0530 Mon, 04 Dec 2023 08:44:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446417 ITAT Mumbai held that where assessee acted as benami for employer's bogus business activities, addition of 1% of total bank credit was excessive. Since employer controlled all operations and assessee already declared commission income from employer, addition was restricted to 0.05% of gross total. For unexplained cash credits under section 68, where assessee functioned as benami with employer controlling proprietary concerns and bank accounts, addition was limited to 15% of cash deposits rather than treating entire amount as unexplained credit. Appeal partly allowed. Case-Laws Income Tax Mon, 23 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446417