The same as "bullshit", most famously used by Bam Margera during the series "Bam's Unholy Union"
"That is bellshit"
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Complete and utter bullshit to the point of absurdity.
Cop: License and registration!
Driver: Officer I was only going 10 over the speed limit I swear!
Cop: That's Bellshit I clocked you traveling 22 over as soon as you crested the hill!