ITAT Delhi Deletes Rs.11.21 Cr Addition Against Ex-MLA – PAN Mismatch Fatal

ITO Vs Shah Nawaz Rana (ITAT Delhi) Revenue appealed against order of NFAC which deleted addition of Rs.11,21,91,653/- made by AO u/s 68 on account of alleged accommodation entries & bogus purchases. Assessee, an individual deriving income from MLA pension, rent & legal consultancy, had no business activity in AY 2016-17. AO reopened assessment based on survey findings in the case of entry operators Yash Pal Gupta & Rani Sharma, concluding that Assessee was beneficiary of accommodation entries routed through UP Bone Mills Pvt. Ltd. AO held that cash deposits in controlled entities ...