Deposits cannot be treated as Bogus merely because of common Directors

PCIT And Another Vs Anshika Consultants Pvt. Ltd (Allahabad High Court) The case of PCIT And Another vs. Anshika Consultants Pvt. Ltd before the Allahabad High Court deals with the treatment of deposits received by the assessee and whether they can be deemed as bogus solely due to common directors in two companies. Here’s a breakdown of the judgment: The Income Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi, in its order dated 13.09.2023 in Income Tax Appeal No. 35/Del/2022 for A.Y. 2015-16, partially allowed the appeal, dismissing the appeal of the revenue regarding alle...