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ITAT Quashes ₹8.35 Cr Loan Addition u/s 68 Due to Denial of Cross-Examination
Case Law Details
- Case Name
- Horizon Buildmart Pvt. Ltd Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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Horizon Buildmart Pvt. Ltd Vs ACIT (ITAT Delhi)
Reopening Sustained but ₹8.35 Cr Loan Addition Quashed: ITAT Deletes Section 68 Addition for Denial of Cross-Examination
The Delhi ITAT partly allowed the assessee’s appeal by upholding the validity of reopening under Section 147 but deleting the substantive addition of ₹8.35 crore made under Section 68 on account of alleged accommodation entry loans. The Tribunal held that although reassessment proceedings initiated on the basis of search-related information and investigation inputs were legally valid, the addition could not survive on mer...
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