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Tribunal Deletes ₹10.84 Cr Addition: Proper Sale Proceeds Ignored, Verified Loans Misread
Case Law Details
- Case Name
- Preity G. Zinta Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Preity G. Zinta Vs ITO (ITAT Mumbai)
ITAT Mumbai Deletes Entire ₹10.84 Cr Addition u/s 68; Loans & Sale-Proceeds Fully Explained, Circular-Transaction Theory Rejected
Assessee, Ms. Preity G. Zinta, a non-resident actress, faced reassessment after Department noticed large credits/debits of ₹13.10 crore in a newly opened Corporation Bank account. AO treated these as unexplained cash credits u/s 68, alleging “circular transactions” with entities of Mr. Danish Merchant Group, ultimately adding ₹10.84 crore.
ITAT noted that AO had issued notices u/s 133(6) to all thre...
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