ITAT upheld disallowance for unreconciled accommodation entries

ACIT Vs Darshanam Life Space Pvt.Ltd. (ITAT Ahmedabad)  Conclusion: Where  AO had estimated value of accommodation entries devoid of any documentary evidences or material, the same could not be sustained. Since in the case of the assessee the payment of Rs.6,43,406/- was considered as accommodation entries and it was noticed that assessee had not reconciled this payment with outstanding amount of Rs.7,91,406/- as per invoice raised for labour charges, therefore, the disallowance was restricted to the extent of Rs.6,43,406/-. Held:  AO had received information from ACIT, Ahmedabad who had as...