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Kolkata ITAT Quashes ₹20.11 Cr Additions: Loans, Purchases, Share Sales & 40A(3) All Collapse
Case Law Details
- Case Name
- DCIT Vs Axis Overseas Ltd (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Axis Overseas Ltd (ITAT Kolkata)
Revenue challenged deletion of multiple additions, including ₹8.07 Cr u/s 68 on unsecured loans from Limelight Dealers Pvt Ltd & Rubycam Vyapar Pvt Ltd, ₹3.13 Cr addition @10% of jute purchases, ₹9.20 Cr u/s 68 on sale of unlisted shares, & ₹82,00,861/- u/s 40A(3) for alleged cash purchases.
Tribunal noted that both lenders had replied to 133(6), confirmed balances, & reflected Assessee as sundry debtor (shown as unsecured loan/sundry creditors in Assessee books), proving identity, genuineness & creditworthiness;...
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