ITAT Deletes Section 68 Addition as AO Relied Only on Past Accommodation Entry Allegations Without Direct Evidence

ACIT Vs Kind Building Solutions Private Limited (ITAT Delhi) No Section 68 Addition Where Assessee Proved Identity, Creditworthiness and Genuineness of Loans: ITAT; ITAT Upholds Deletion of ₹14.20 Crore Addition Because AO Conducted No Independent Inquiry; Loan Addition Quashed Because Revenue Produced No Evidence Linking Assessee to Accommodation Entries: ITAT; Section 68 Addition Cannot Rest on General Allegations Against Lenders, Rules ITAT. The Revenue filed an appeal against the order dated 30.08.2024 passed by the National Faceless Appeal Centre (NFAC) for Assessment Year 2015-16. The ...