No section 68 Addition Merely on Suspicion of Accommodation Entry

ITO Vs Chetan Constructions Pvt. Ltd. (ITAT Delhi) The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space? In the present case, assessee received advances from six companies. AO asked the assessee to prove identity, creditworthiness and genuineness of the said advances. In response, the assessee filed confirmations of the companies from whom advances were received. Assessee also stated that such advances were towards booking of space in a commercial building. The AO held that the companies di...