Case Law Details
Case Name : ACIT Vs Jagat Projects Ltd (ITAT Delhi)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Delhi
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ACIT Vs Jagat Projects Ltd (ITAT Delhi)
ITAT Delhi Rejects Revenue’s Claim of Accommodation Entry: ₹11.54 Cr Addition deleted- Loan Transactions Held Genuine – Suspicion Can’t Replace Proof- Reassessment & Addition Quashed
Assessee, engaged in rice & paddy trading, filed return declaring income of ₹2.30 crore. In search & investigation proceedings involving KRBL group, the department alleged that Index Securities & Research Pvt. Ltd. (ISRPL) was a paper company providing accommodation entries. Based on directors’ statements & bank trail, AO reopened assessme...
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