Assessing Officer Lacks Basis to Classify Unsecured Loans as Accommodation Entries u/s 68; Creditors Confirm Transactions.

Addition u/s 68 - cash credit - reliance of statement - creditors had appeared and confirmed the transactions of loans advanced to the assessee. - AO had no valid basis for treating the ‘unsecured loans’ as ‘accommodation entries’. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X