Addition unsustainable as three ingredients engraved in section 68 proved

Bansal Separators and Spares Pvt Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai held that addition unsustainable as assessee has proved the three ingredients engraved in section 68 of the Act and proved the satisfactory nature of the loan transactions. On the otherhand, AO has not brought any contrary material to show that loan received is bogus or accommodation entries. Facts- Assessee is engaged in the business of Trader of Machinery and Machinery Parts. During the assessment proceedings the Assessing Officer observed that assessee has received unsecured loans from various parties. Based on the infor...