Refund of Earlier Advance Can’t Be Taxed as Accommodation Entry U/s 68: ITAT Delhi

ACIT Vs Minda Capital Pvt. Ltd. (ITAT Delhi) Returned Loan Amount Not Unexplained Credit; Section 68 Addition Deleted; Money Received Back From Debtor Is Refund, Not Bogus Credit; No Evidence of Garment Trading, Bogus Purchase Addition Deleted; Statement Without Supporting Evidence Can’t Justify Bogus Purchase Addition; Section 68 & Bogus Purchase Additions Fail for Lack of Evidence. The appeal before the ITAT Delhi arose from an order passed under Section 147 read with Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2011–12, wherein the Revenue challenged the deletion o...