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Investments Accepted in Earlier Scrutiny Cannot Be Treated as Bogus u/s 68 on Sale
Case Law Details
- Case Name
- Ramchandra Ingot India Private Limited Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Kolkata
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Ramchandra Ingot India Private Limited Vs DCIT (ITAT Kolkata)
Investments Accepted in Earlier Scrutiny Cannot Be Treated as Bogus u/s 68 on Sale—5% Profit Estimation by CIT(A) Deleted;
The assessee and the Revenue filed twelve cross-appeals for AYs 2016-17 to 2021-22 against separate orders of CIT(A)-27, Kolkata. The central dispute arose from additions made u/s 68 treating sale proceeds of unlisted equity shares (originally held by two amalgamating companies—M/s Jyani Agencies Pvt Ltd & M/s Jyani Dealers Pvt Ltd) as unexplained cash credits, on the allegation that the...
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