Unexplained credits routed through conduit to be taxed in hands of ultimate beneficiary

PCIT Vs Third Generation Traders Pvt. Ltd (Delhi High Court) Delhi High Court held that addition towards unexplained credits against companies used as a conduit for routing accommodation entries is not justified since they are not ultimate beneficiaries. Accordingly, appeal of revenue dismissed. Facts- The respondent [Assessee] filed its income tax returns for the respective assessment years declaring the income as noted above. On 17.12.2015, search and seizure operations were conducted at the residential premises of Sh. Kaushal Kumar. It is stated that during the course of the search, incrimi...