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2020 (1) TMI 782 - ITAT KOLKATA
Bogus LTCG - unexplained cash credits u/s. 68 - HELD THAT:- Hon'ble apex court’s landmark decision in Commissioner of Income Tax vs. K.Y. Pilliah & Sons [1966 (10) TMI 35 - SUPREME COURT] to affirm both the lower authorities’ action treating the assessee’s share capital in question as unexplained cash credits liable to be added u/s.68 of the Act in entirety. Their lordships have made it clear that when this tribunal fully agrees with the Appellate Assistant Commissioner, it need not record separate reasons than those in the lower appellate discussion. The assessee fails in its solitary grievance therefore. Assessee’s appeal is dismissed.