No addition of ₹3.55 Cr addition u/s 68 in Accommodation Entry Dispute as there was genuineness of transaction

DCIT Vs Piyush Subodhbhai Jhaveri (ITAT Ahmedabad) Conclusion: Where temporary loans received and repaid through banking channels, with identity and creditworthiness of lender proved, the sa,e could not be treated as unexplained cash credits under Section 68. Reliance on third-party statements without cross-examination was invalid. Held: Assessee was an individual engaged in share broking and securities trading through his proprietary concern M/s. Shri Parshwa Finance, had received temporary loan of ₹1.85 crore from M/s. Prraneta Industries Ltd. (PIL) during A.Y. 2010–11, repaid fully in ...