The assessee was in the business of providing accommodation entries .The assessee was charging commission of 0.15 % . The AO made entire credit in the bank as cash credits u\/ s 68 of the Act as unexplained cash credits . On appeal CIT (A) directed the AO to adopt only 0.15% as income of the total credits . Tribunal also affirmed the view of the CIT (A.) \u00a0On appeal to the High Court the revenue contended that in view of the judgement of the Supreme Court in PCIT v .NRA Iron & Steel Ltd\u00a0 (2019) 412 ITR 161 (SC) entire credit of Rs \u00a0the total cash deposits of Rs.4,78,94,000.00 was to added to the total income of the assessee as unexplained income from undisclosed sources under S.68 of the Act. Dismissing \u00a0the appeal of the revenue the Court held that decision of PCIT .v NRA Iron and Steel Ltd \u00a0(supra) \u00a0is not applicable to the facts of the assessee . Accordingly \u00a0the order of the Tribunal is affirmed . \u00a0\u00a0(ITA 1512 of 2017 dt 12-06 -2020 ) (AY.2003 -04)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits -Commission business- Accommodation entries – Failure to explain the source of deposits in the bank \u2013 Addition cannot be made as cash credits \u2013 Estimation of commission income by the Tribunal is held go be justified . [ S.132 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11814","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-34y","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11814"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11814\/revisions"}],"predecessor-version":[{"id":17664,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11814\/revisions\/17664"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}