https://www.taxtmi.com/caselaws?id=767495 Bombay HC reversed Tribunal's order in unexplained cash credits case u/s 68. Assessee failed to explain identity of parties and transaction genuineness despite director's admission of providing accommodation entries. Tribunal casually reduced addition rate from 0.37% to 0.15% without proper reasoning. HC held entire unexplained amount should be added, not just commission rate. Court directed ICAI to investigate CA's professional misconduct and recommended money laundering probe. HC restored CIT(A)'s order while retaining 0.15% commission rate for identified credits only. 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 Bombay HC reversed Tribunal's order in unexplained cash credits case u/s 68. Assessee failed to explain identity of parties and transaction genuineness despite director's admission of providing accommodation entries. Tribunal casually reduced addition rate from 0.37% to 0.15% without proper reasoning. HC held entire unexplained amount should be added, not just commission rate. Court directed ICAI to investigate CA's professional misconduct and recommended money laundering probe. HC restored CIT(A)'s order while retaining 0.15% commission rate for identified credits only. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767495