Tag: accomodation entries

Profit on Bogus purchase/ accommodation entries @ 5% upheld by the High Court. Only profit element embedded is to be taxed not entire purchase ABCAUS Case Law Citation:ABCAUS 3272 (2020) (02) HC Important case law relied upon by the parties:Kaveri Rice Mills vs. Commissioner of Income-Tax, (2006)157 Taxman …

Mere third party statement of accommodation entries not sufficient to reopen assessment in the absence of any nexus of statement to alleged share applicants-ITAT In a recent judgment, ITAT Mumbai has held that mere third party statement of accommodation entries not sufficient to reopen assessment in the absence …