Accommodation entry Business- Entire deposits cannot be assessed as unexplained cash credits.

PCIT Vs Alag Securities Pvt. Ltd. (Bombay High Court) In the present case, Assessee is engaged in the business of providing accommodation entries to entry seekers. During the assessement proceedings AO held that the identity of the parties involved in the transactions were not furnished as well as genuineness of the transactions relating to total cash deposits were not satisfactorily explained by the assessee. Holding that the source, nature, genuineness and credit worthiness of the creditors relating to the transactions were not proved by the assessee, the amount which were found in deposits ...