https://www.taxtmi.com/caselaws?id=449690 Calcutta HC upheld ITAT's decision setting aside addition under Section 68. Assessee disclosed complete details of bank accounts, cheques issued, and cash received from accommodation entry recipients. AO treated assessee as accommodation entry provider and determined income at 2% brokerage on cash deposits of Rs. 166.59 crores rather than treating cash deposits as unexplained income. Since AO accepted the source and nature of cash deposits and computed income as commission, Section 68 was held inapplicable. Addition under Section 68 was unsustainable as assessee discharged initial onus by providing cogent evidence of transaction genuineness. en-us Mon, 05 Feb 2024 00:00:00 +0530 Thu, 24 Oct 2024 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449690 Calcutta HC upheld ITAT's decision setting aside addition under Section 68. Assessee disclosed complete details of bank accounts, cheques issued, and cash received from accommodation entry recipients. AO treated assessee as accommodation entry provider and determined income at 2% brokerage on cash deposits of Rs. 166.59 crores rather than treating cash deposits as unexplained income. Since AO accepted the source and nature of cash deposits and computed income as commission, Section 68 was held inapplicable. Addition under Section 68 was unsustainable as assessee discharged initial onus by providing cogent evidence of transaction genuineness. Case-Laws Income Tax Mon, 05 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449690