Case Law Details
Case Name : Archana Agarwal Vs ITO (ITAT Kolkata)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Kolkata
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Archana Agarwal Vs ITO (ITAT Kolkata)
JDA Advance & Loan Repayment Cannot be Treated Bogus – Sec 68 Addition Deleted Where Amount Refunded & Transactions Through Banking Channel – ITAT Kolkata
AO treated ₹70 lakh received as earnest money under Joint Development Agreement as bogus sundry creditor alleging shell company involvement & added u/s 68. Further, repayment of earlier loan of ₹21.07 lakh was also treated as bogus. CIT(A) confirmed additions.
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