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Section 68 Addition Deleted for Want of Cross-Examination; Three Ingredients Proved – ITAT Kolkata
Case Law Details
- Case Name
- DCIT Vs Parvati Resources Pvt. Ltd. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Parvati Resources Pvt. Ltd. (ITAT Kolkata)
Sec 68 Addition Deleted – Identity, Creditworthiness Genuineness Proved – Reliance on Third-Party Info Without Cross-Examination Invalid – ITAT Kolkata
ITAT Kolkata upheld CIT(A)’s order deleting addition of ₹1.85 Cr u/s 68 towards unsecured loan, holding that assessee had furnished complete documentary evidence including PAN, confirmations, bank statements and financials proving identity, creditworthiness & genuineness of lender group company. Tribunal observed that AO wrongly treated lender as shell company and relied on third-...
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