2020 (6) TMI 32

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....he appellant. ORDER AJAY TEWARI, J (Oral) 1. The appeal has been filed against the order of the CIT (A) and Income Tax Appellate Tribunal ( for short 'the Tribunal') whereby two additions made by the Assessing Officer (AO) were deleted. The issue relates to disallowance under Section 36 (1) (iii) of the Income Tax Act, 1961. Admittedly, the assessee has one bank account which cons....

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....er; 2007 (15) SCC 147 and Bright Enterprises (P) Ltd. Versus Commissioner of Income Tax; 2016 (381) ITR 107. 1. In view of the above, the first question is answered in negative. 2. As regard question No. 2, the argument is Rs. 3,87,50,000/- which was received as share capital from two companies were accommodation entries. The ground taken by the AO was that those investors had sufficient fun....