Accommodation entries in nature of bogus unsecured loans added as unexplained u/s. 68: ITAT Mumbai

J. K. Global Vs ITO (ITAT Mumbai) ITAT Mumbai held that accommodation entries in the nature of bogus unsecured loans is liable to be added as unexplained under section 68 of the Income Tax Act. Accordingly, addition u/s. 68 confirmed. Facts- In AY 2010-11 unsecured loans have been taken from Ryan International of Rs. 25 lakhs, in AY 2011-12 from Casper Enterprises Pvt. Ltd of Rs. 5 lakhs and in AY 2012­-13 Rs. 20 lakhs taken from Duke Business Pvt Ltd. The common cause for treating the unsecured loan as unexplained and added u/s 68 of the Act is the information received from DGIT (Investigati...