Addition Based Solely on Assessee’s Admission Without Evidence Not Sustainable: Rajasthan HC

PCIT Vs Esspal International Pvt. Ltd. (Rajasthan High Court) Rajasthan High Court held that addition on account of bogus accommodation entries merely based on admission of assessee in absence of any corroborative evidence unjustified. Thus, addition held as unsustainable. Facts- A search was conducted at the residence and offices of Shirish Chandrakant Shah and also at the residences of his employees and associates and it was detected that he was engaged in providing accommodation entries of share capital, share premium, share application money, unsecured loans, long term capital gains, short...