Section 68 Addition Upheld as Loans Were Accommodation Entries: ITAT Mumbai

J. K. Global Vs ITO (ITAT Mumbai) The assessee filed three appeals before the ITAT Mumbai against separate orders of the National Faceless Appeal Centre (NFAC) dated 25.07.2023 relating to Assessment Years 2010-11, 2011-12 and 2012-13. Since the issues involved were identical, the Tribunal disposed of all the appeals by a common order. The common dispute related to additions made under Section 68 of the Income Tax Act in respect of unsecured loans and the corresponding disallowance of interest paid on such loans. For AY 2010-11, the assessee had received an unsecured loan of ₹25 lakh from Ry...