Documented and Repaid Unsecured Loans Cannot Be Treated as Accommodation Entries u/s 68

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 normal banking cha...