|COURT:||Bombay High Court|
|CORAM:||Milind D. Jadhav J, Ujjal Bhuyan J|
|CATCH WORDS:||Bogus Accomodation Entries|
|DATE:||June 12, 2020 (Date of pronouncement)|
|DATE:||June 13, 2020 (Date of publication)|
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).