Section 69A Addition Cannot Be Based on Loan or Purchase Advance Discrepancy

Advertisement Siddhartha Bronze Products Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, allowed the assessee’s appeal and quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income-tax Act, 1961, for Assessment Year 2017-18. The case arose after the Assessing Officer (AO) reopened the assessment based on information that the assessee had allegedly received accommodation entries of ₹59.70 lakh from M/s Kasturi Commodities Pvt. Ltd. During the assessment proceedings, it was found that th...