This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Sec 68 Addition on Alleged Bogus Loans Remanded – No Independent Enquiry by AO or CIT(A)
Case Law Details
- Case Name
- ACIT Vs Sunil Giridhar Raheja HUF (ITAT Mumbai)
- 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 Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
ACIT Vs Sunil Giridhar Raheja HUF (ITAT Mumbai)
AO made addition of ₹50 lakh u/s 68 treating loans from alleged entry operators (Sampada Chemicals Ltd. & P. Saji Textiles Ltd.) as accommodation entries based on Investigation Wing report. CIT(A) deleted the addition.
ITAT held:
AO relied only on third-party information: No independent verification of bank statements or transactions
Addition partly beyond scope of reopening: Reasons recorded were only for one party, but addition made for two
CIT(A) also erred: Deleted addition without conducting proper verification
Both ...
Author Info
