Case Law Details
South West Drilling and Infrastructure Ltd Vs ACIT (ITAT Delhi)
ITGAT find that the facts and circumstances narrate in the order of the authorities below clearly indicate that it is classic case of circuitatious rotation of unaccounted money. The lender has no identity in as much it is nonexistent its sources of credits itself is share premium. So there is no creditworthiness of the lender company. It is a clear cut case of circuitatious rotation of unaccounted money and being such rotation of unaccounted money is absolutely not a genuine loan transaction. The authorities have duly dealt with the issues. In this view of the matter, we do not find any infirmity in the orders of the Revenue authorities below and hence we uphold the same.
FULL TEXT OF THE ORDER OF ITAT DELHI
This appeal by the assessee is directed against the order of the Ld. CIT(A)-30, New Delhi, dated 18.05.2018 pertaining to Assessment Year 2014-15.
2. Grounds of appeal reads as under:-
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