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Provisions of section 68 not attracted as investment by investor companies explained
Case Law Details
- Case Name
- ACIT Vs Surya Global Steel Tubes Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Surya Global Steel Tubes Ltd (ITAT Delhi)
ITAT Delhi held that provisions of section 68 of the Income Tax Act are not attracted as the investment by the investor companies is duly explained. Further, identity, genuineness of transactions and creditworthiness of investor companies duly proved.
Facts- The AO primarily based on the statements of Sh. Babu Lal Banka (Entry Operator) and the Directors of the investor companies) and many others held, relying on the enquires and the information gathered by the Inspector, that the entities were not existing at the address menti...
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