ITAT delete addition & Rejects Shell Company Allegations on Mere Suspicion

DCIT Vs ACE Infracity Developers Pvt. Ltd. (ITAT Delhi) The case involves cross appeals filed by both the assessee and the Revenue against orders of the Commissioner of Income Tax (Appeals) concerning multiple assessment years. The assessments arose following search and seizure operations conducted under Section 132 on 28.07.2021 and 04.01.2022 on the assessee group. During the assessments, the Assessing Officer (AO) examined unsecured loans received from various entities and, being unsatisfied with the explanations, treated several of them as accommodation entries, making additions under Sect...