ITAT Confirms ₹36.59 Cr Addition for Bogus Sale of Shops via Accommodation Entry

Raheja Developers Limited Vs ACIT (ITAT Delhi) Sale of Shops to Shell Company Held Bogus, Own Funds Routed back through Accommodation Entry- ITAT confirms Addition of ₹19.06 Cr & ₹17.53 Cr Assessee claimed sale of 22 shops in Raheja Mall, Gurugram to M/s Sagar Trade Links Pvt. Ltd. (STPL) for ₹36.56 crore, receiving ₹19.06 crore in AY 2011-12 & ₹17.53 crore in AY 2012-13. AO treated the transaction as bogus & added the amounts u/s 68, along with commission @ 2%, alleging accommodation entries. CIT(A) upheld the additions. Assessee appealed before ITAT. 1. Reopening of...