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No Cash Trail and Retracted 132(4) Statements – Section 68 Addition Deleted
Case Law Details
- Case Name
- Krypton Distributors LLP 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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Krypton Distributors LLP Vs ITO (ITAT Kolkata)
When Investments Were Accepted in Earlier Years, Sale Proceeds Cannot Be Taxed u/s 68—ITAT Kolkata Deletes ₹80 Lakhs Addition- 132(4) Retractions + No Cash Trail = No 68 Addition
Tribunal considered addition of ₹80,00,000 treated by AO as bogus unsecured loan u/s 68 based on investigation wing input alleging accommodation entries through M/s Startrack Vinimay Pvt Ltd. Assessee explained that it had purchased 40 lakh 2% non-cumulative redeemable preference shares of M/s Easter (India) Chemicals Ltd in earlier years, reflected as investment in...
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