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Section 68 Addition Can’t Survive Merely on ‘Accommodation Entry’ Allegation: ITAT Mumbai
Case Law Details
- Case Name
- Bihari Parmanand Kandhari Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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Bihari Parmanand Kandhari Vs ACIT (ITAT Mumbai)
Section 68 Addition Can’t Survive Merely on ‘Accommodation Entry’ Allegation When Loan Is Repaid Through Bank” – Mumbai ITAT
In a major relief to the assessee, the Mumbai ITAT deleted a ₹30 lakh addition u/s 68, holding that merely because the lender was allegedly involved in providing accommodation entries, a genuine loan transaction supported by documentary evidence and routed entirely through banking channels cannot be treated as unexplained cash credit.
The assessee, engaged in real estate development, had ori...
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