Huge Investment with no Income Source: ITAT upheld Addition

ITO Vs M/s. Synergy Finlease Pvt. Ltd. (ITAT Delhi) FACTS – Assessee filed return declaring NIL income. The case was selected for scrutiny. AO completed the assessment contenting the genuineness of the transaction to be establish u/s 68 with regard to increase in share capital of INR 4,85,58,000. AO submitted that the shareholder companies have shown very small amount of income either from the consultancy or from the interest income as against the huge investment made by them. He also submitted that in bank statements of all the companies, there is similar pattern of deposit of the money in ...