https://www.taxtmi.com/caselaws?id=425240 The appellate tribunal upheld the lower authorities' decision to add Rs. 45,00,000 as unexplained cash credit under section 68 of the Income Tax Act, due to the lack of creditworthiness of the lender company. The transaction was deemed a circuitous rotation of unaccounted money, with the company's non-existence, minimal income, and suspicious transactions supporting the addition. The rejection of documentary evidences by the Commissioner of Income Tax (Appeals) was upheld, as the transaction was considered bogus and an accommodation entry, leading to the dismissal of the appeal. en-us Fri, 15 Jul 2022 00:00:00 +0530 Tue, 19 Jul 2022 09:22:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425240 The appellate tribunal upheld the lower authorities' decision to add Rs. 45,00,000 as unexplained cash credit under section 68 of the Income Tax Act, due to the lack of creditworthiness of the lender company. The transaction was deemed a circuitous rotation of unaccounted money, with the company's non-existence, minimal income, and suspicious transactions supporting the addition. The rejection of documentary evidences by the Commissioner of Income Tax (Appeals) was upheld, as the transaction was considered bogus and an accommodation entry, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425240