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ITAT Chennai Deletes ₹6.5 Cr Addition u/s 68 – Assessee Not Required to Explain Source of Source of Source
Case Law Details
- Case Name
- I Love Diamonds Pvt. Ltd. Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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I Love Diamonds Pvt. Ltd. Vs ACIT (ITAT Chennai)
The assessee company, engaged in online trading of diamond jewellery, received share capital and share premium of ₹10.92 crore, including ₹6.5 crore from investor Mr. Anil Jain. The AO treated the amount as unexplained cash credit u/s 68 on the ground that the funds were routed through layered transactions and alleged accommodation entries. The CIT(A) upheld the addition.
Before the ITAT, the assessee submitted documentary evidence including PAN, ITR, bank statements, confirmations and financial statements of entities from whom the investor ...
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