Section 68 Addition Can’t Survive Merely on ‘Accommodation Entry’ Allegation: ITAT Mumbai

Bihari Parmanand Kandhari Vs ACIT (ITAT Mumbai) Section 68 Addition Can’t Survive Merely on ‘Accommodation Entry’ Allegation When Loan Is Repaid Through Bank” – Mumbai ITAT In a major relief to the assessee, the Mumbai ITAT deleted a ₹30 lakh addition u/s 68, holding that merely because the lender was allegedly involved in providing accommodation entries, a genuine loan transaction supported by documentary evidence and routed entirely through banking channels cannot be treated as unexplained cash credit. The assessee, engaged in real estate development, had originally completed...