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2016 (2) TMI 1075 - AT - Income TaxAddition made u/s 68 - Accommodation entries - Addition made in the case of the conduit companies - Held that:- We respectfully following the decision in the case of M/s Omni Farms Pvt. Ltd. (2015 (1) TMI 1119 - ITAT DELHI) delete the addition made u/s 68 wherein held that there is an order of the Settlement Commission as well as the ACIT u/s 144A holding that Shri S.K. Gupta was providing accommodation entries, he used various companies as conduit for providing the accommodation entries, cash was received through mediators from the persons who wanted to avail the accommodation entries. Considering the logical consequences of the order of the Settlement Commission as well as of Additional CIT under Section 144A, no hesitation to hold that the addition under Section 68 cannot be made in the case of the conduit companies. Therefore, we delete the addition made u/s 68 in the case of all the nine companies, which are admittedly conduit companies of Shri S.K. Gupta. - Decided in favour of assessee
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