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Income Tax - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Addition u/s 68 - bogus LTCG - share capital and share premium ...

Income Tax

March 7, 2024

Addition u/s 68 - bogus LTCG - share capital and share premium were merely paper credit entries - receipt of accommodation entries in lieu of commission paid - The Tribunal found that the amounts received by BCPL were passed through various entities without actual business transactions, acting merely as accommodation entries. It was determined that these funds should not be treated as income of BCPL. Instead, only the commission income received for facilitating these transactions should be taxed.

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