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of <h1>High Court Rules Against Revenue: No Sole Reliance on Statements for Section 68 Accommodation Entries Without Corroboration.</h1> The High Court analyzed a significant judgment regarding the addition of accommodation entries under Section 68 of the Income Tax Act, 1961. The case involved the Income Tax Department's assessment against three respondent-assessee companies for the FY 2010-11. The Revenue argued that assessments should have been made under Section 153C, citing statements from the directors admitting to accommodation entries. However, the Court emphasized that additions cannot rely solely on such statements without corroborating material. It found a violation of natural justice principles due to the lack of cross-examination opportunities. The Court upheld the ITAT's decision to set aside the assessment order, rejecting the Revenue's appeal and finding no substantial question of law.
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