Sec 68 Addition Deleted – JDA Advance Refunded & Loan Repayment via Bank Not Bogus – ITAT Kolkata

Archana Agarwal Vs ITO (ITAT Kolkata) JDA Advance & Loan Repayment Cannot be Treated Bogus – Sec 68 Addition Deleted Where Amount Refunded & Transactions Through Banking Channel – ITAT Kolkata AO treated ₹70 lakh received as earnest money under Joint Development Agreement as bogus sundry creditor alleging shell company involvement & added u/s 68. Further, repayment of earlier loan of ₹21.07 lakh was also treated as bogus. CIT(A) confirmed additions. ITAT held that advance received under JDA was duly supported by agreement, confirmations & bank records and was su...