Impact of cash deposited in creditors account before payment

Last updated: 06 November 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case, Ld. Commissioner of Income Tax (A) has erred in deleting the addition of ` 1001500/- made u/s. 68 of Income Tax Act, 1961 especially when the identity and credit worthiness of the share applicants and genuineness of transaction was not established satisfactorily.

Citation :
ITO, WARD 17(4),ROOM NO. 238, CR BUILDING, I.P. ESTATE, NEW DELHI (Appellant) Vs. M/S VISHVDEVA LEASING & INVESTMENT PVT. LTD., B-13/68-A, JANAKPURI, NEW DELHI (PAN/GIR NO.: AAACV 1015 F) (Respondent)

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CS Bijoy
Published in Income Tax
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