| 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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