https://www.taxtmi.com/caselaws?id=766653 The ITAT Delhi upheld CIT(A)'s decision to delete additions under section 68 for unexplained bank entries. The assessee company was identified as a shell concern operated by entry operators who provided accommodation entries through multiple companies. The tribunal found the company functioned as a pass-through entity, merely transferring funds to beneficiaries without being the actual beneficiary. Since commission income was already taxed in the hands of the entry operators individually, no separate commission could be charged to the shell company. The case was decided following the precedent of Zed Enterprises (P) Ltd, with the tribunal ruling against the revenue department. en-us Thu, 27 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766653 The ITAT Delhi upheld CIT(A)'s decision to delete additions under section 68 for unexplained bank entries. The assessee company was identified as a shell concern operated by entry operators who provided accommodation entries through multiple companies. The tribunal found the company functioned as a pass-through entity, merely transferring funds to beneficiaries without being the actual beneficiary. Since commission income was already taxed in the hands of the entry operators individually, no separate commission could be charged to the shell company. The case was decided following the precedent of Zed Enterprises (P) Ltd, with the tribunal ruling against the revenue department. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766653