https://www.taxtmi.com/caselaws?id=762206 ITAT Ahmedabad held that share purchase and sale transactions between parties constituted accommodation entries for the benefit of one company, with another company acting as a conduit. Revenue's investigation revealed the modus operandi through money trail evidence and director admissions. The tribunal confirmed CIT(A)'s order reducing land acquisition cost by Rs.35 crores, treating actual cost as Rs.8.5 crores only. However, additions under Section 68 for unexplained credits and interest disallowance under Section 36(1)(iii) were deleted as loan sources were genuine. Disallowance under Section 14A was also deleted since no exempt income was earned. en-us Fri, 18 Oct 2024 00:00:00 +0530 Wed, 27 Nov 2024 08:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762206 ITAT Ahmedabad held that share purchase and sale transactions between parties constituted accommodation entries for the benefit of one company, with another company acting as a conduit. Revenue's investigation revealed the modus operandi through money trail evidence and director admissions. The tribunal confirmed CIT(A)'s order reducing land acquisition cost by Rs.35 crores, treating actual cost as Rs.8.5 crores only. However, additions under Section 68 for unexplained credits and interest disallowance under Section 36(1)(iii) were deleted as loan sources were genuine. Disallowance under Section 14A was also deleted since no exempt income was earned. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762206