Addition u/s. 68 merely on the basis of investigation report not justified: ITAT Mumbai

ACIT Vs Amal Corporation (ITAT Mumbai) ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unsecured loan unjustified as no information/ material proved that assessee was beneficiary of accommodation entry of loan. Addition merely on the basis of investigation report not justified. Facts- Vide the present appeal, the Revenue has challenged the deletion of addition of Rs.1,50,00,000/- made in respect of unsecured loans which were alleged to be taken from the concerns of M/s. Bhanwarlal Jain Group who were found to be providing accommodation entries and secondly, deleti...