Section 68 Cannot Apply When No Credit Exists: Tribunal Rejects ₹49.98 Lakh Allegation

Anju Agarwal Vs ITO (ITAT Agra) Accommodation Entry Allegation Collapses—Business Model Accepted by Tribunal-  Same Facts, Same Group—Same Relief: ITAT Deletes Rs.49.98 Lakh Addition Again Assessee, engaged in wholesale business, filed return declaring Rs.6,36,970. A survey u/s 133A in the case of Ashok Kumar Gupta Group (30-11-2018) revealed that his entities provided accommodation entries of bogus purchases & sales. AO issued notice u/s 148A(b) alleging unexplained credit of Rs.49,98,136 received from M/s Kalki Trading Co. (managed by Ashok Gupta). Assessee clarified with ledger, ba...