Commission Addition Deleted for Lack of Proof of Accommodation Entries: ITAT Delhi

ACIT Vs Index Securities & Research Pvt. Ltd (ITAT Delhi) Not an Entry Provider, Genuine NBFC Business Upheld: ITAT Dismisses Revenue Appeal on Commission and Bad Debt Addition The Delhi ITAT dismissed the Revenue’s appeal and upheld the deletion of additions relating to alleged commission income and disallowance of bad debts in the case of an NBFC. The Assessing Officer had treated the assessee as an accommodation entry provider and estimated commission income at 2% of transactions, besides disallowing ₹2.75 crore claimed as bad debts. The CIT(A) deleted both additions after noting th...