Accommodation Entry Allegation Rejected as Entire Loan Was Repaid With Interest

JCIT Vs Khushal Clothing LLP (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) deleting additions made on account of interest expenditure and alleged commission relating to unsecured loans. The assessee had filed its return of income for Assessment Year 2020-21 declaring a total income of ₹37,74,390. The assessment was reopened based on information that the assessee had allegedly received accommodation entries of ₹1.27 crore in the form of unsecured loans. During the as...