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Section 68 Addition Quashed as AO Failed to Prove Creditors Were Shell Companies: ITAT Ahmedabad
Case Law Details
- Case Name
- DCIT Vs Jas Infra Space Pvt. Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Jas Infra Space Pvt. Ltd. (ITAT Ahmedabad)
The Revenue appealed against the order of the Commissioner of Income Tax (Appeals), NFAC, dated 09.10.2024 for Assessment Year 2015-16. The appeal challenged deletion of additions of ₹44,49,09,474 under Section 68, ₹3,84,64,133 under Section 69C, and ₹30,97,68,004 relating to unexplained advances from debtors.
Regarding Ground No. 1, the Assessing Officer (AO) found that the assessee had shown unsecured loans of ₹149.66 crore and identified 14 creditor companies as shell companies. According to the AO, the assessee fai...
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