Sec. 68 rightly invoked as assessee was involved in providing accommodation entries through a web of bank accounts

INCOME-TAX: Where assessee NBFC immediately after receiving loans from several entities in its bank account gave further huge amount of loans and advances towards share application money to several companies without charging any interest and assessee could not prove financial viabilities of investee companies, it could be said that assessee was a shell company engaged in money laundering by providing bogus accommodation entries through a web of bank accounts, thus, addition under sec

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