TMI BlogAnalysis of Judicial Approach in Tax Evasion through Accommodation Entries: A Case StudyX X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer (AO) for the assessment years 2014-15, 2015-16, and 2016-17. The core issues in these appeals revolve around the denial of the claim of exemption under section 10(38) of the Income Tax Act, 1961 , addition on account of income from house property, and the validation of unsecured loans. Key Legal Issues and Analysis Denial of Exemption under Section 10(38) : The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited and Santoshima Trade Link Ltd. Retraction of Statements by Entry Providers : The retraction of statements by Mr. Bhatt raised questions about their reliability. However, the tribunal observed that despite the retraction, the underlying evidence in the form of documents and transaction patterns remained unrefuted, indicating the non-genuineness of the claimed transactio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Documentary Evidence : Despite the presentation of documentary evidence like Demat account statements and share certificates, the tribunal observed that these documents do not necessarily prove the genuineness of the transactions, especially when other surrounding facts and circumstances suggest otherwise. Conclusion and Implications The tribunal has referred the matter ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es as a precedent for future cases involving similar issues and emphasizes the necessity for vigilance and thorough investigation by tax authorities in dealing with complex tax evasion schemes. Full Text : 2023 (11) TMI 822 - ITAT MUMBAI - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Management India - taxmanagementindia - taxmanagement - tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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