Case Law Details
Case Name : Mystic Electronics Ltd. Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Mumbai
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Mystic Electronics Ltd. Vs DCIT (ITAT Mumbai)
ITAT Mumbai held that in case of company is involved in providing illicit LTCG/ short term capital loss (accommodation entries), a substantial addition has to be made in the hands of beneficiaries and only a protective assessment can be made in the hands of company providing such accommodation entries.
Facts- The assessee company filed its return of income declaring total income of Rs. 31,51,330/-. Assessee filed a revised return declaring the income at Rs. 35, 48,140/-. Consequently, the case of the assessee was selected for scrutiny and a notice ...
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Author Bio
but both got monetary benifit . how can you leave main culprit