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Sham Transactions under the garb of Donation not allowable
Case Law Details
- Case Name
- Shri Bansilal Bagri Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13 & 2013-14
- Courts
- All ITAT, ITAT Chennai
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Shri Bansilal Bagri Vs DCIT (ITAT Chennai)
This is the transaction arranged in such a way that the accommodation entries were made at several entities level and ultimately the money came back to the assessee. Herbicure Healthcare Bio-Herbal Research Foundation of Kolkata involved in the fraudulent and sham transactions, providing accommodation entries and claiming a bogus weighted deduction to the extent of 175%. The antecedents of the recipient were unearthed by the Department during the course of survey operation. The material available on record clearly establishes that the so-called donati...
