Mayurpankh Vincom Pvt. Ltd Vs ITO (ITAT Kolkata)
Unexplained Cash Credits & Bogus Share Dealings — Kolkata ITAT Upholds 68 Additions in Mayurpankh Vincom Pvt Ltd Vs ITO; ITAT Upholds Section 68 Additions After Assessee Fails to Prove Identity and Creditworthiness; Additions Upheld as Assessee Fails to Establish Genuineness of Share Transactions; ITAT Confirms Section 68 Addition for Lack of Evidence Linking Credits to Genuine Business Transactions; Section 68 Addition Upheld as Assessee Fails Three Mandatory Tests: Identity, Creditworthiness, Genuineness; ITAT Rejects Assessee’s Claim After Bogus Creditor and Missing Documentation Exposed; Cash Credits Treated as Unexplained After Investigation Reveals Missing Vouchers and Cash Withdrawals; Tribunal Dismisses Appeal After Assessee Fails to Link Funds to Genuine Share Purchases.
In these connected appeals, the Assessee claimed to have received ₹4.56 crore from M/s Crown Commotrade Pvt Ltd & argued that out of this, ₹48.72 lakh was adjusted against purchase of shares . Ledger extracts & bank statements from Dhanalakshmi Bank & Bank of Maharashtra (pages 66–70) were relied upon. ITAT examined the bank statements & found that immediately upon receipt of funds, they were withdrawn in cash by individuals such as Shri Ashok Kayan & Shri Abhishek Bose, whose names do not appear anywhere in the balance sheet . No explanation was given for these withdrawals, no vouchers were produced, & the flow of funds between the two bank accounts was not demonstrated.
