Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 1736 - HC - Income TaxAddition u/s 68 - bogus loan received from a paper company - Held that:- Tribunal was right and justified in relying on the judgments of the Supreme Court in CIT v. Durga Prasad More, (1971 (8) TMI 17 - SUPREME COURT) and Sumati Dayal v. CIT, (1995 (3) TMI 3 - SUPREME COURT), to reject mere paper work and look at the reality behind a facade created to hoodwink and deceive. Merely because the transaction was squared in the next financial year would not establish that the transaction was genuine and not bogus. Assessing Officer has rightly rejected the assessee's contentions on the ground that Shri Rajendra Bubna was confronted with only a sample of companies and was asked to confirm if he used these companies to provide accommodation entries, which was answered by him in positive - Decided against assessee
|