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ITAT Delhi Deletes ₹30 Crore Additions u/s 68 – Cheque Issued Before Year-End Valid Payment
Case Law Details
- Case Name
- ACIT Vs VNG Impex P. Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs VNG Impex P. Ltd (ITAT Delhi)
ITAT Delhi Deletes ₹30 Crore Additions u/s 68 Upholds Capital Loss Claim – AO Ignored Evidence Natural Justice- Cheque Cleared Later Still a Payment – No Scope for s.68 Additions- Tribunal Slams Mechanical section 68 Additions
Assessee, engaged in share trading, filed return declaring loss of ₹ 23.37 crores. AO noted receipt of ₹ 11.45 crores from Naïve Construction Pvt. Ltd. & ₹ 9.80 crores from Vigil Real Estate Pvt. Ltd.; part of these liabilities were discharged through cheques dated 31-03-2012 but cleared in Jun...
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