AO’s Suspicion Not Enough: ITAT Deletes Section 68 ‘Accommodation Entry’

ACIT Vs Greenscape Developers Private Limited (ITAT Mumbai) Section 68 Additions on ‘Accommodation Entry’ Theory Deleted: ITAT Finds AO Relied Only on Search Statements- Identity, Creditworthiness & Genuineness Proved— No Cash Trail, Strong Financials: ITAT Rejects Revenue’s 68 Theory- When AO Ignores Evidence, Additions Cannot Stand:   These eight Revenue appeals arose from additions u/s 68 & related interest disallowances across three assessees of the Greenscape Group. AO had treated unsecured loans received in various years as accommodation entries allegedly routed through ...