Loans received & repaid cannot be treated as accommodation entries: ITAT Ahmedabad

Amee Govindbhai Patel Vs ITO (ITAT Ahmedabad) Accommodation Entry Theory Fails – Repayment of Loans Saves Assessee- ITAT Ahmedabad- No Benefit, No Addition – ITAT Deletes Rs.55 Lakh Bogus Loan Addition The case arose from information shared by Investigation Wing regarding one Amit J. Shah, an entry operator, who admitted to providing accommodation entries through 133 bank accounts of Indian Bank, Patan. It was alleged that Assessee was a beneficiary & received unsecured loans through these channels. AO reopened the assessment & made addition of Rs.55,00,000 treating loans from 7 pa...