https://www.taxtmi.com/caselaws?id=467562 Addition under section 68 for preferential share capital was treated as unsustainable in the company's hands beyond what could legally be attributed to it, because the alleged accommodation entry activity and related tax incidence were connected to the identified beneficiaries. Rejection of books under section 145(3) and estimation of profit at 1% of turnover were held unwarranted without specific defects or a proper factual foundation, and the separate addition of other operating income was deleted as it had already formed part of declared revenue. The expense disallowance was remanded for fresh verification of supporting evidence. en-us Mon, 24 Jul 2023 00:00:00 +0530 Tue, 24 Mar 2026 14:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467562 Addition under section 68 for preferential share capital was treated as unsustainable in the company's hands beyond what could legally be attributed to it, because the alleged accommodation entry activity and related tax incidence were connected to the identified beneficiaries. Rejection of books under section 145(3) and estimation of profit at 1% of turnover were held unwarranted without specific defects or a proper factual foundation, and the separate addition of other operating income was deleted as it had already formed part of declared revenue. The expense disallowance was remanded for fresh verification of supporting evidence. Case-Laws Income Tax Mon, 24 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467562