https://www.taxtmi.com/caselaws?id=462004 ITAT Delhi remanded appeals back to CIT(A) for fresh adjudication regarding additions under Section 68 of the Income Tax Act. The tribunal found that while CIT(A) determined the assessee companies were conduit entities providing accommodation entries, the appellate authority failed to verify whether ultimate beneficiaries were assessed on substantive basis and tax realized on bogus entries. The tribunal held that assessee companies did not discharge their burden of proving entries routed through their bank accounts were not owned by them. Without findings on taxability in beneficiaries' hands, the tribunal could not sustain or overturn CIT(A)'s decision, necessitating remand for proper consideration of all relevant facts. en-us Thu, 09 Jan 2025 00:00:00 +0530 Wed, 14 May 2025 14:50:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462004 ITAT Delhi remanded appeals back to CIT(A) for fresh adjudication regarding additions under Section 68 of the Income Tax Act. The tribunal found that while CIT(A) determined the assessee companies were conduit entities providing accommodation entries, the appellate authority failed to verify whether ultimate beneficiaries were assessed on substantive basis and tax realized on bogus entries. The tribunal held that assessee companies did not discharge their burden of proving entries routed through their bank accounts were not owned by them. Without findings on taxability in beneficiaries' hands, the tribunal could not sustain or overturn CIT(A)'s decision, necessitating remand for proper consideration of all relevant facts. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462004