Addition U/s. 68 cannot be made for mere no reply of notice U/s. 133(6) by creditors

M/s Kesha Appliances Pvt. Limited Vs. ITO (ITAT Delhi) The addition in the present case was made by the AO for the proceeds of sales of investment which were sold by the assessee to six companies as stated above. As per the AO, the parties to whom shares were sold did not respond to the notices issued under section 133(6) of the Act, therefore, the same was treated as unexplained cash credit under section 68 of the Act. The view taken by the AO was subsequently confirmed by the learned CIT(A). On perusal of the above discussion and records, we observe that the assessee was holding shares of RR...