Held\u00a0 that the documents furnished by the assessee showed that the loan of Rs. 13 lakhs was given by B Ltd., to the assessee in the year under consideration, which fact was duly recorded in Schedule 5 \u201cLoans and advances\u201d of the annual report of B Ltd., and this transaction was also recorded by the assessee in the ledger account of B Ltd., in its books. Apart from the assessee, loans and advances were given to other entities by B Ltd. Even in the subsequent year, the assessee had received a loan from B Ltd., and paid interest thereon. The Department\u2019s doubt as to the existence of this entity and its claim that it was a paper entity was disproved. Since the assessee had proved the existence of B Ltd., the findings of the Assessing Officer which were upheld by the Commissioner (Appeals) were not sustainable. Return is accepted without scrutiny . Reassessment on the ground that the\u00a0 assessee is\u00a0 beneficiary of accommodation entries from paper company . Re assessment is valid .\u00a0\u00a0 (AY.2009-10, 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68: Cash credits-Unsecured loan-Genuineness of cash credits proved-Addition is deleted-Re assessment is affirmed.[S.143(1), 147, 148] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44802","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bEC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=44802"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44802\/revisions"}],"predecessor-version":[{"id":44803,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44802\/revisions\/44803"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}