Dismissing the appeals of the Revenue  the Tribunal held that   the admitted position was that the assessee was engaged in providing accommodation entries by way of carrying out the circular transaction of bogus purchases and sales. The explanation offered by the assessee about the sum found credited in the books of account, i. e., received on account of bogus sale and immediately transferred against bogus purchases after retaining commission, was not found unsatisfactory by the Assessing Officer. The assessee was not the beneficiary of the amount received by it on the sales made to KGN as the amount of sales received by the assessee was utilised against the purchases from B Ltd. The bank statement showed that whatever amount was received by the assessee against the sales was utilised immediately for the purchases. Thus, there could not be any addition under section 68 of the Act in the given facts and circumstances for the bogus purchases shown by the assessee. What best could be added in the given facts and circumstances was the real income earned by the assessee. To determine the real income, there was no standard formula prescribed under the provisions of law. The assessee was just acting as a middleman and carrying out circular transactions. Thus, at the most commission income could be brought to tax. The order of the Commissioner (Appeals) did not call for interference.(AY.2010-11)