ITAT Kolkata Deletes ₹4.82 Cr Addition as Cash Credit for accommodation entries

Goldman Stocks & Share Brokers Pvt. Ltd. Vs ITO (ITAT Kolkata) In Goldman Stocks & Share Brokers Pvt. Ltd. vs. ITO, the ITAT Kolkata addressed the addition of ₹4.82 crore as unexplained cash credit under Section 147 of the Income Tax Act for Assessment Year 2013-14. The case arose from information received by the Assessing Officer (AO) indicating the alleged use of shell companies to route funds. The AO concluded that the amount represented accommodation entries and added it to the assessee’s income, a decision later upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. ...