Addition u/s. 68 upheld as money trail establishes circulation of unaccounted funds through shell company

ACIT Vs Agrawal Infrabuild Pvt. Ltd (Chhattisgarh High Court) Chhattisgarh High Court held that addition under section 68 of the Income Tax Act justifiable since the money trail establishes circulation of assessee’s own unaccounted funds through shell company. Accordingly, appeal of revenue allowed and order of ITAT set aside. Facts- The respondent / assessee being a Pvt. Ltd. Company, derives income from business and profession. In this case, search and seizure operations were carried out u/s. 132 of the Act at the factory and office premises of the respondent/assessee on 08.02.2017. Conseq...