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Loans received & repaid cannot be treated as accommodation entries: ITAT Ahmedabad
Case Law Details
- Case Name
- Amee Govindbhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Ahmedabad
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Amee Govindbhai Patel Vs ITO (ITAT Ahmedabad)
Accommodation Entry Theory Fails – Repayment of Loans Saves Assessee- ITAT Ahmedabad- No Benefit, No Addition – ITAT Deletes Rs.55 Lakh Bogus Loan Addition
The case arose from information shared by Investigation Wing regarding one Amit J. Shah, an entry operator, who admitted to providing accommodation entries through 133 bank accounts of Indian Bank, Patan. It was alleged that Assessee was a beneficiary & received unsecured loans through these channels. AO reopened the assessment & made addition of Rs.55,00,000 treatin...
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