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Documented and Repaid Unsecured Loans Cannot Be Treated as Accommodation Entries u/s 68
Case Law Details
- Case Name
- ACIT Vs Aayush Infotech Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Aayush Infotech Private Limited (ITAT Mumbai)
The Assessing Officer reopened the assessment based on investigation wing information alleging that the assessee had taken accommodation entry loans of ₹1.57 crore from two companies linked to an entry operator group and added the entire amount under section 68, along with ₹3.14 lakh as alleged commission under section 69C.
The assessee, however, produced comprehensive evidence including lender confirmations, their PAN, income-tax returns, audited financial statements, bank statements showing loan disbursement through n...
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