Section 68: ITAT gives relief to Reliance Group, Deletes addition of Rs. 700 crore

Brief facts are that the Reliance Utilities Private Limited, the assessee, is a private limited company filed its return of income for the assessment year 2008-09 on 29.09.2008 declaring a total income of Rs. 1,69,52,9 19. The assessment was completed by an assessment order u/s. 143(3) of the Act dated 27.12.20 10.The assessee during the previous year relevant to the assessment year 2008-09 had credited a transaction in its books for the receipt of Rs. 700 crores from Biometrix Marketing Private Limited, Singapore (in short “Biometrix”) towards subscription of Compulsorily Converti...