https://www.taxtmi.com/caselaws?id=753659 ITAT Ahmedabad upheld reassessment u/s 147 after company director admitted during survey that assessee provided bogus accommodation loss entries to beneficiaries, charging 0.0004% brokerage through systematic misuse of NMCE platform. AO had sufficient reasons to believe income escaped assessment due to deliberate suppression of facts. Tribunal confirmed additions for unaccounted brokerage income but reduced rate from 1% to 0.25% of bogus losses provided. Unexplained deposits received through layered banking transactions were also sustained as additions, with CIT(A) order upheld after detailed analysis of malpractices. en-us Fri, 31 May 2024 00:00:00 +0530 Thu, 06 Jun 2024 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753659 ITAT Ahmedabad upheld reassessment u/s 147 after company director admitted during survey that assessee provided bogus accommodation loss entries to beneficiaries, charging 0.0004% brokerage through systematic misuse of NMCE platform. AO had sufficient reasons to believe income escaped assessment due to deliberate suppression of facts. Tribunal confirmed additions for unaccounted brokerage income but reduced rate from 1% to 0.25% of bogus losses provided. Unexplained deposits received through layered banking transactions were also sustained as additions, with CIT(A) order upheld after detailed analysis of malpractices. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753659