The HC reversed the Tribunal's order regarding unexplained cash...

The HC reversed the Tribunal's order regarding unexplained cash credits under Section 68, finding that the Tribunal had adopted a casual approach by merely following earlier orders without proper reasoning. The Court held that if the assessee fails to explain beneficiaries' identity, the entire amount should be added under Section 68, not just 0.15% as commission. The Court criticized the assessee's claim of providing accommodation entries without maintaining beneficiary details, noting this was implausible since the assessee must know withdrawal recipients. The Court directed ICAI to investigate professional misconduct by the CA involved and suggested PMLA authorities investigate potential money laundering. The HC maintained the 0.15% commission rate for identified credits only.

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