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2024 (1) TMI 610 - HC - Income TaxAddition u/s 68 - unexplained money - AO has observed that the amount in question has been received in the bank account of the assessee company from the account of two persons and thus, in absence of any other material found that the credit entry is remained unexplained - ITAT deleted addition - HELD THAT:- One of the offshoot proceedings in connection with the present transaction has reached to this Court by way at the instance of the Revenue against Ambe Tradecorp (P). Ltd. [2022 (11) TMI 22 - GUJARAT HIGH COURT] This Court had an occasion to consider almost an identical proposed substantial questions of law and the said appeal was at the instance of the Revenue came to be dismissed on 11th July 2022. In the said judgement, the assessee therein has received money from the present assessee company once the source of fund in the hands of above company was held as explained by learned CIT(A) then amount received by the assessee from that company cannot be held as unexplained under section 68 of the Act in the absence of contrary information. Likewise, there cannot be addition of one item in the hands of two different person. Keeping in mind the aforesaid decision as well as keeping in mind that Smt. Hansaben Manilal Patel has already been substantially taxed and Ramesh G. Thakor’s addition also deleted by the learned CIT(A) as the source was clearly proved by the assessee. In our considered opinion, the appellate authority as well as the Income Tax Appellate Tribunal concurrently reversed the findings of the Assessing Officer on the said count, and thus, it could not be said that any question much less any substantial question of law arises.
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