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No addition u/s 68 as unexplained cash credits as there was lack of incriminating evidence
Case Law Details
- Case Name
- DCIT Vs Sarena Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 22/10/2024
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Sarena Pvt. Ltd. (ITAT Delhi)
Conclusion: Addition of unsecured loans as unexplained cash credits under Section 68 was unjustified as all the above transactions were duly recorded in the books of account and there was no undisclosed cash credit involved in these transactions.
Held: AO had recorded the reasons to believe based on the information received from Assistant Director of Income-tax (Inv.), New Delhi that assessee had received accommodation entry to the extent of Rs.3.11 crores during the year from the companies controlled by Pradeep Kumar Jindal group. Based on the above infor...
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