Payer’s Expense Accepted, Payee Can’t Be Taxed Under Section 68

ITO Vs Janakbhai Dharamshibhai Patel (ITAT Ahmedabad)

When Payer Is Clean, Payee Can’t Be Tainted: Section 68 Addition Knocked Down-Accommodation Entry Theory Collapses Without Verification: Reassessment Held Invalid

Ahmedabad ITAT dismissed Revenue appeals & allowed Assessee’s cross-objections in case of ITO Vs. Janakbhai Dharamshibhai Patel, holding that reopening u/s 147/148 based solely on Investigation Wing information alleging accommodation entries through M/s V.

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