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ITAT Delhi Deletes Capital Addition as No Liability Cessation Was Proved
Case Law Details
- Case Name
- ACIT Vs Rajiv Tyagi (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Rajiv Tyagi (ITAT Delhi)
Core Issue: The Tribunal examined whether a capital increase of ₹7.57 crore, representing reclassification of outstanding loan balances from family members from “sundry creditors” to the proprietor’s capital account, and a further amount of ₹5.99 lakh relating to TDS and self-assessment tax, could be brought to tax under sections 68 or 41(1).
Facts: The assessee, proprietor of M/s Rajiv Automobiles, had shown loans from four family members as sundry creditors in earlier years. On 01.04.2014, these balances were transferred to the pe...
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