https://www.taxtmi.com/caselaws?id=448790 The ITAT Delhi held that the assessee successfully discharged its onus under section 68 regarding accommodation entries. Despite the AO's claim that section 133(6) notices were returned unserved and directors couldn't be produced, the tribunal found that all documentary evidence was provided, transactions were through banking channels, and the companies had sufficient financial reserves. The AO failed to examine the documents or identify any adverse features in the companies' financials. The tribunal set aside the addition under section 68 and related commission charges, ruling in favor of the assessee. en-us Thu, 25 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 08:51:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448790 The ITAT Delhi held that the assessee successfully discharged its onus under section 68 regarding accommodation entries. Despite the AO's claim that section 133(6) notices were returned unserved and directors couldn't be produced, the tribunal found that all documentary evidence was provided, transactions were through banking channels, and the companies had sufficient financial reserves. The AO failed to examine the documents or identify any adverse features in the companies' financials. The tribunal set aside the addition under section 68 and related commission charges, ruling in favor of the assessee. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448790