The ITAT Mumbai held that addition as unexplained income based ...

Addition as unexplained income was unjustified. Lack of proof on transactions led to deletion of addition.

Case Laws Income Tax

June 3, 2024

The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.

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The ITAT Mumbai held that addition as unexplained income based ...

Addition as unexplained income was unjustified. Lack of proof on transactions led to deletion of addition.

Case Laws Income Tax

June 3, 2024

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