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Entry provider can be taxed only on commission, not entire accommodation entries
Case Law Details
- Case Name
- ITO Vs Status Vyapaar Pvt Ltd (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Lucknow
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ITO Vs Status Vyapaar Pvt Ltd (ITAT Lucknow)
Entry provider can be taxed only on commission, not entire accommodation entries; Section 68 not applicable to Entry Providers for routed funds: ITAT Lucknow
Assessee, a Kolkata-based investment company, was found to be an accommodation entry provider. During AY 2012-13, its bank account reflected credit & debit entries aggregating Rs 9.84 crore. Out of this, Rs 3.50 crore, routed to Mahesh Chndra Agarwal Group, was accepted as explained, since the group had surrendered the same before the Settlement Commission. AO however added the balance ...
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