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Addition u/s 68 justified as genuineness and creditworthiness of investing companies doubtful
Case Law Details
- Case Name
- DCIT Vs Nishrin Trading and Investment Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Nishrin Trading and Investment Pvt. Ltd. (ITAT Mumbai)
ITAT Mumbai held that addition u/s 68 justified as investment made by the companies in the assessee company lacks trust and details of transactions submitted by the assessee didn’t inspire confidence as the credibility of the companies are questionable as per the financials of the same.
Facts-
The solitary issue involved in this present appeal is that CIT(A) has erred in deleting the addition of Rs.11 crores made by AO on account of unexplained cash credit u/s. 68 of the Income-tax Act, 1961 without appreciating the fact that the...
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