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Section 68 Additions Fail: Documentary Evidence Cannot Be Ignored Without Enquiry

Case Law Details

Case Name : ITO Vs Forever Flourishing Finance & Investment Pvt. Ltd. (ITAT Mumbai)
Related Assessment Year : 2014-15
Courts : All ITAT ITAT Mumbai
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ITO Vs Forever Flourishing Finance & Investment Pvt. Ltd. (ITAT Mumbai) The AO made additions under Section 68 treating ₹1.93 crore (sale proceeds of shares) and ₹2.39 crore (unsecured loans) as unexplained cash credits, alleging lack of creditworthiness and genuineness. The CIT(A) deleted the additions, noting that: Share sale transactions were genuine and supported by past records, and merely because the buyer company was later struck off cannot invalidate earlier transactions. For loans, the assessee had furnished complete documentary evidence (PAN, bank statements, ITRs, financial...
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Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 5461
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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