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Genuine Loan vs Alleged Accommodation Entry: Addition deleted, Reopening Valid
Case Law Details
- Case Name
- Narendrakumar Shankarbhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Narendrakumar Shankarbhai Patel Vs ITO (ITAT Ahmedabad)
Reopening u/s 147Sustained but Addition ₹30.50 Lakh Loan as Bogus Entry Deleted – ITAT Ahmedabad-Accommodation Entry Allegation Fails – Loan Transaction Proved by Bank Records
Assessee, proprietor of M/s. Parmi Traders, challenged the order of NFAC dated 19-03-2024 confirming reassessment & addition of ₹30.50 lakh as accommodation entry.
AO had reopened assessment u/s 147 on the basis of investigation report that transactions with Shri Chandrakant P. Patel, proprietor of M/s. Shiyon Enterprises, were accommodation entries. AO ...
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