ITAT Delhi deletes Accommodation Entry Addition of ₹11.54 Cr – Suspicion not Proof

ACIT Vs Jagat Projects Ltd (ITAT Delhi) ITAT Delhi Rejects Revenue’s Claim of Accommodation Entry: ₹11.54 Cr Addition deleted- Loan Transactions Held Genuine – Suspicion Can’t Replace Proof- Reassessment & Addition Quashed Assessee, engaged in rice & paddy trading, filed return declaring income of ₹2.30 crore. In search & investigation proceedings involving KRBL group, the department alleged that Index Securities & Research Pvt. Ltd. (ISRPL) was a paper company providing accommodation entries. Based on directors’ statements & bank trail, AO reopened assessme...