Only Commission on Accommodation Entries Taxable, Not Entire Credits

Ramesh Kumar Bagri Vs ITO (ITAT Delhi) No 100% Tax on Accommodation Entries – Entry Provider’s Commission Not Entire Credits – ITAT Delhi Cuts Rate from 0.5% to 0.4% The controversy revolved around treatment of large sums credited in Assessee’s bank accounts totaling Rs. 55,17,27,090/- in AY 2013-14 & consequential entries in subsequent years. AO had assessed entire credits as unexplained in absence of proper compliance, later treating Assessee as accommodation entry provider. CIT(A) noted that though AO had initially added entire credits, in remand proceedings AO himself repor...