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Sec. 68 not applicable on assessee providing accommodation entries on commission basis

June 27, 2020[2020] 117 292 (Bombay)

INCOME TAX : Where assessee accepted cash from customers/beneficiaries and in lieu thereof issued them cheques of slightly lower amount after charging its commission, provisions of section 68 were not applicable and ,thus, entire amount of cash received from customers/beneficiaries could not be added to assessee's taxable income
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