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Unexplained money u/s. 68 restored back as basic ingredients satisfactorily not explained
Case Law Details
- Case Name
- Sarthak Ispat Pvt. Ltd. Vs ACIT (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 28/02/2025
- Courts
- All ITAT, ITAT Raipur
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Sarthak Ispat Pvt. Ltd. Vs ACIT (ITAT Raipur)
ITAT Raipur held that matter regarding unexplained money addition under section 68 of the Income Tax Act restored back as basic ingredients required u/s 68, i.e., identity / creditworthiness of the investors and genuineness of transactions not satisfactorily explained.
Facts- Vide the present appeal the assessee has mainly contested confirming the addition of Rs. 3.25 Crore made by Ld. AO under section 68 of the Act, treating the same as unexplained cash credit on account of share capital / share premium received by the assessee company.
The asses...
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