https://www.taxtmi.com/caselaws?id=769572 ITAT Delhi held that where AO declared entire business transactions including share trading as bogus/non-genuine, contradictory additions on account of sundry debtors cannot be sustained. The tribunal found that if business is held fictitious, accommodation entries should be taxed in beneficiaries' hands, not assessee's. AO failed to provide specific findings or corroboratory evidence for bogus transactions in relevant year. Since sundry debtors from previous year were not held fictitious in earlier assessment, they cannot be treated as such subsequently. Revenue failed to demonstrate non-genuine nature of share trading. Addition deleted in favor of assessee. en-us Fri, 25 Apr 2025 00:00:00 +0530 Mon, 28 Apr 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769572 ITAT Delhi held that where AO declared entire business transactions including share trading as bogus/non-genuine, contradictory additions on account of sundry debtors cannot be sustained. The tribunal found that if business is held fictitious, accommodation entries should be taxed in beneficiaries' hands, not assessee's. AO failed to provide specific findings or corroboratory evidence for bogus transactions in relevant year. Since sundry debtors from previous year were not held fictitious in earlier assessment, they cannot be treated as such subsequently. Revenue failed to demonstrate non-genuine nature of share trading. Addition deleted in favor of assessee. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769572