https://www.taxtmi.com/caselaws?id=353929 The Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 45,00,000 as unexplained income under Section 68, setting aside the CIT(A)'s decision. The ITAT found that the assessee failed to disprove the Revenue's findings that the share applicant companies were bogus entities providing accommodation entries. The ITAT rejected the reliance on CIT vs. Lovely Exports Pvt. Ltd., emphasizing the clear evidence against the assessee. The appeal by the Revenue was allowed, supporting the Assessing Officer's conclusion and disregarding the CIT(A)'s deletion of the unexplained income. en-us Thu, 04 Jan 2018 00:00:00 +0530 Mon, 15 Jan 2018 07:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353929 The Income Tax Appellate Tribunal (ITAT) upheld the addition of Rs. 45,00,000 as unexplained income under Section 68, setting aside the CIT(A)'s decision. The ITAT found that the assessee failed to disprove the Revenue's findings that the share applicant companies were bogus entities providing accommodation entries. The ITAT rejected the reliance on CIT vs. Lovely Exports Pvt. Ltd., emphasizing the clear evidence against the assessee. The appeal by the Revenue was allowed, supporting the Assessing Officer's conclusion and disregarding the CIT(A)'s deletion of the unexplained income. Case-Laws Income Tax Thu, 04 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353929