Case Law Details
Anup Trade And Transport (P) Limited Vs DCIT (ITAT Guwahati)
ITAT Guwahati held that submission of documents proved the identity of the creditors, however, genuineness of the transactions is not proved. Matter set aside for fresh consideration.
Facts- The case of the assessee was selected for scrutiny assessment and a notice under section 143(2) was issued and served upon the assessee. AO had received information that M/s. Amtek Financial Consultants Pvt. Limited had advanced unsecured loans to the assessee and received interest on unsecured loans.
Notably, during regular assessment proceedings of M/s. Amtek Financial Consultants Pvt. Limited it was noticed that it is a fake/shell company and whoever had taken loans from this company was actually enjoying accommodation entries.
Accordingly, AO treated the loan transactions as bogus and made addition of Rs. 20,00,000/-. Appeal to the ld. CIT(Appeals) did not bring any relief to the assessee.
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