Sec 68 Addition Deleted – Third-Party Statement on Alleged Entry Provider Insufficient Without Independent Evidence – ITAT Mumbai

ACIT Vs Shree Developer (ITAT Mumbai) Sec 68 Addition Deleted – Mere Third-Party Statement on Alleged Entry Provider Insufficient Without Independent Evidence – ITAT Mumbai In this case, reassessment u/s 147 was initiated based on Investigation Wing information alleging that loans received from certain companies were accommodation entries. The AO relied mainly on the statement of a third party admitting that the lending companies were paper entities and treated ₹60 lakh unsecured loans as unexplained cash credit u/s 68. The assessee contended that loans were genuine and furnished...