https://www.taxtmi.com/caselaws?id=456978 ITAT Mumbai upheld CIT(A)'s decision sustaining additions under Section 68 for unexplained cash credits from unsecured loans. The assessee received loans from 15 parties, of which 13 companies were found operating from common addresses in Kolkata and identified as shell companies providing accommodation entries through investigation wing's search and survey. Due to assessee's non-compliance during remand proceedings, full inquiry could not be conducted. Despite opportunities provided during appellate proceedings, assessee failed to attend or submit written submissions to contest CIT(A)'s findings. Appeal dismissed. en-us Mon, 31 Oct 2022 00:00:00 +0530 Thu, 29 Aug 2024 21:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456978 ITAT Mumbai upheld CIT(A)'s decision sustaining additions under Section 68 for unexplained cash credits from unsecured loans. The assessee received loans from 15 parties, of which 13 companies were found operating from common addresses in Kolkata and identified as shell companies providing accommodation entries through investigation wing's search and survey. Due to assessee's non-compliance during remand proceedings, full inquiry could not be conducted. Despite opportunities provided during appellate proceedings, assessee failed to attend or submit written submissions to contest CIT(A)'s findings. Appeal dismissed. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456978