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ITAT Rejects Bogus Debtors Theory: Rs. 65.19 Lakh Addition Deleted for Lack of Evidence
Case Law Details
- Case Name
- Adhishwar Nivesh Pvt. Ltd. Vs ACIT (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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Adhishwar Nivesh Pvt. Ltd. Vs ACIT (ITAT Delhi)
Bogus Sundry Debtors Theory Collapses: ITAT Deletes ₹65.19 Lakh Addition Based on Past-Year Presumptions
AO treated sundry debtors of ₹26.05 lakh relating to AY 2014-15 & ₹39.14 lakh relating to AY 2015-16 aggregating to ₹65.19 lakh as fictitious investments, relying heavily on observations made in earlier year that Assessee was a mere name lender & business transactions were sham. CIT(A) upheld the addition, also rejecting Assessee’s objection on limited scrutiny.
Tribunal noted that for AY 2015-16, trade recei...
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