Case Law Details
Case Name : Lumino Industries Limited Vs DCIT (ITAT Kolkata)
Related Assessment Year : 2020-21
Courts :
All ITAT ITAT Kolkata
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Lumino Industries Limited Vs DCIT (ITAT Kolkata)
Low Income ≠ Bogus ; When Documents Prove Genuineness, Search Labels Cannot Override- Once Proof Filed, Onus Shifts
Assessee, amalgamated with JATS Agency Pvt Ltd pursuant to NCLT order for AY 2020-21, faced addition u/s 68 of ₹15,00,000 towards unsecured loan received from Eiffel Agencies Pvt Ltd (EAPL). AO alleged that EAPL appeared in the “Jamakarchi” / accommodation-entry list found during search on Goel Group & treated the loan as unexplained cash credit despite Assessee furnishing confirmatio
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