Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.
The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.
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