This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 68 Addition Crashes – ITAT Mumbai Says Suspicion & Investigation Wing Reports Cannot Replace Evidence
Case Law Details
- Case Name
- ITO Vs Parashar Projects Private Limited (ITAT Mumbai)
- 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 Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
ITO Vs Parashar Projects Private Limited (ITAT Mumbai)
The Mumbai ITAT upheld deletion of ₹3.33 crore addition made under section 68 towards alleged bogus share sale transactions, holding that the assessee had fully discharged the onus by producing audited balance sheets, investment schedules, sale notes, PAN details, confirmations, bank statements and income-tax records of purchasers. The Tribunal noted that the investments were reflected in the books since F.Y. 2006-07 and the reduction in investments during the year clearly established actual liquidation of shares.
The Re...
Author Info
