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Revenue’s Section 68 Challenge Rejected on Evidence and Repayment
Case Law Details
- Case Name
- CIT Vs GLIX Securities Private Limited (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Kolkata
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CIT Vs GLIX Securities Private Limited (ITAT Kolkata)
Share Capital & Loans Fully Explained – 9.35 Cr u/s 68 Addition Collapses: Documents Win, Suspicion Fails – Once Identity, Creditworthiness & Genuineness Proved, 68 Cannot Survive
Revenue reopened Assessee’s case alleging that share capital/premium of ₹2,25,00,000 & unsecured loans of ₹7,10,00,000 were routed through shell companies & therefore liable to addition u/s 68. AO held that though Assessee furnished complete evidences—names, PAN, addresses, audited accounts, bank statements—su...
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