Cash deposited in name of various proprietorship concerns involving in bogus business activities: ITAT directs to restrict addition to extent of 0.05% of gross total [Read Order]

By Aparna. M - On November 19, 2023 9:00 am - 2 mins read
Cash - Cash deposited - bogus business activities - Cash deposited in name of various proprietorship concerns involving in bogus business activities - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while directing to restrict the addition to the extent of 0.05% of gross total, observed that cash deposited in the name of various proprietorship concerns involved in bogus business activities. The assessee, Rajendra Gokuldas Parekh, credited a total amount of Rs. 765,55,253/- in the bank account in…

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