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2020 (1) TMI 355 - AT - Income TaxUnexplained cash credits u/s 68 - Discharge of onus - HELD THAT:- Learned departmental representative at this stage quoted hon'ble apex court’s decision in PCIT vs. NRA Iron & Steel Pvt. Ltd. [2019 (3) TMI 323 - SUPREME COURT] restoring such unexplained cash credits addition in the nature of the share capital / premium invoking accommodation entry providers. We note that their lordships had come across an instance of the concerned assessee having failed to satisfy the above stated three parameters (supra) whereas the facts in the instant case sufficiently reveal that this taxpayer had duly discharged its onus and also responded to section 131 summons. We therefore reject the Revenue’s arguments supporting lower authorities’ action and delete the impugned un-explained cash credits addition. The assessee succeeds in its sole substantive grievance.
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