Addition U/s 68 Deleted – Accommodation Entry Allegation Failed Due to Mistaken Identity Absence of Bank Transactions

Blue Chip Financial Services Private Limited Vs Income Tax (ITAT Mumbai) ITAT Mumbai allowed assessee’s appeal and deleted addition of ₹20,00,055 made u/s 68, holding that reassessment was based on mistaken identity arising from similarity in names between assessee and another company. AO had treated alleged receipts from Anubhav Commosale Pvt. Ltd. as accommodation entries relying mainly on third-party confirmation and investigation statements. Tribunal noted that assessee consistently denied any transaction and demonstrated through bank statements that it maintained only one account with...