Share Sale to Alleged Shell Firms Not Accommodation Entry: ITAT Jaipur

ITO Vs Pooja Kedia (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT), Jaipur, in the case of ITO vs. Pooja Kedia, dismissed the revenue’s appeal challenging the deletion of an ₹80,00,124/- addition under Section 68 of the Income Tax Act, 1961. The case involved alleged unexplained cash credits treated as accommodation entries in the form of unsecured loans during the Assessment Year 2019–20. Background The revenue reopened the assessment based on information that the assessee, Pooja Kedia, had received bogus unsecured loans from two entities—M/s. Everstrong Enclave Pvt. Ltd. and M/s. ...