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Repaid Advance via Banking Channel Not Cash Credit: ITAT Kolkata
Case Law Details
- Case Name
- Thar Stone Expo India Pvt. Ltd Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Kolkata
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Thar Stone Expo India Pvt. Ltd Vs ITO (ITAT Kolkata)
Addition U/s 68 Deleted — Advance Given Repaid through Banking Channel Cannot Be Treated as Cash Credit: ITAT Kolkata
The assessee challenged addition of ₹90 lakh made u/s 68 in reassessment proceedings u/s 147 r.w.s.144. AO treated advances as unexplained cash credit, which was upheld by CIT(A) mainly on ground of lack of evidences and Rule 46A issues. ITAT, however, allowed the appeal and deleted entire addition.
1770289987-dk2Q6B-1-TO
Tribunal noted that the assessee had advanced ₹50 lakh each to Navrang Vinimay Pvt. Ltd. and Jatad...
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