https://www.taxtmi.com/caselaws?id=767495 Accommodation entry business receipts in disclosed and undisclosed bank accounts were treated as unexplained credits because the assessee failed to prove the identity, creditworthiness and genuineness of the creditors or beneficiaries. The High Court held that a bare claim that deposits belonged to customers did not discharge the burden under Section 68, and the assessee could not avoid that provision by saying no books were maintained where computer data, CDs, accounts, profit and loss statement and tax audit material constituted books of account. The Tribunal's blanket reduction of the addition to commission income at 0.15% was not sustained for all deposits, though that rate was accepted only for identified beneficiaries. en-us Mon, 17 Mar 2025 00:00:00 +0530 Tue, 10 Jun 2025 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767495 Accommodation entry business receipts in disclosed and undisclosed bank accounts were treated as unexplained credits because the assessee failed to prove the identity, creditworthiness and genuineness of the creditors or beneficiaries. The High Court held that a bare claim that deposits belonged to customers did not discharge the burden under Section 68, and the assessee could not avoid that provision by saying no books were maintained where computer data, CDs, accounts, profit and loss statement and tax audit material constituted books of account. The Tribunal's blanket reduction of the addition to commission income at 0.15% was not sustained for all deposits, though that rate was accepted only for identified beneficiaries. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767495