No addition u/s 68 as unexplained cash credits as there was lack of incriminating evidence

DCIT Vs Sarena Pvt. Ltd. (ITAT Delhi)

Conclusion: Addition of unsecured loans as unexplained cash credits under Section 68 was unjustified as all the above transactions were duly recorded in the books of account and there was no undisclosed cash credit involved in these transactions.

Held: AO had recorded the reasons to believe based on the information received from Assistant Director of Income-tax (Inv.), New Delhi that assessee had received accommodation entry to the extent of Rs.3.11 crores during the year from the companies controlled by

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