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₹50 Lakh Credit Without Source or Capacity Fails Section 68 Test; ITAT Upholds Addition
Case Law Details
- Case Name
- Prestigious Enterprises Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Delhi
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Prestigious Enterprises Pvt. Ltd. Vs ACIT (ITAT Delhi)
Pursuant to earlier ITAT remand for de novo adjudication, AO accepted ₹1 crore compensation as capital receipt but again added ₹50 lakh u/s 68, noting deficiencies in confirmation from creditor M/s Treatwell Investments Pvt. Ltd., absence of company stamp, no cheque details, bank entry not reflecting payer identity, & failure to explain immediate source. CIT(A) confirmed addition, holding that Assessee failed to establish identity, creditworthiness & genuineness of transaction, particularly as creditor’s retu...
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