Payer’s Expense Accepted, Payee Can’t Be Taxed Under Section 68

ITO Vs Janakbhai Dharamshibhai Patel (ITAT Ahmedabad) When Payer Is Clean, Payee Can’t Be Tainted: Section 68 Addition Knocked Down-Accommodation Entry Theory Collapses Without Verification: Reassessment Held Invalid Ahmedabad ITAT dismissed Revenue appeals & allowed Assessee’s cross-objections in case of ITO Vs. Janakbhai Dharamshibhai Patel, holding that reopening u/s 147/148 based solely on Investigation Wing information alleging accommodation entries through M/s V. Nitin was invalid & additions u/s 68 were unsustainable. Assessee, engaged in diamond cutting & polishing job-...