Bombay High Court’s Judgement on Bogus Cash Credits: PCIT vs Alag Securities Pvt. Ltd

JUDGEMENT
COURT: Bombay High Court
CORAM: Milind D. Jadhav J, Ujjal Bhuyan J
SECTION(S): 68
GENRE: Domestic Tax
CATCH WORDS: Bogus Accomodation Entries
COUNSEL: Suresh Kumar
DATE: June 12, 2020 (Date of pronouncement)
DATE: June 13, 2020 (Date of publication)
AY: 2003-04

CITATTION:

Section 68- Bogus Cash Credits: In the case of an assessee engaged in providing ‘accommodation entries’, the entire deposits cannot be assessed as unexplained cash credits. Only the commission (0.15%) earned in providing the accommodation entries can be assessed as income (PCIT vs. NRA Iron and Steel (2019) 103 Taxmann.com 48 (SC) distinguished).

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