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2017 (11) TMI 672 - AT - Income TaxAddition u/s 68 - addition in the hands of conduit companies which were merely used for providing accommodation entries - Shri S.K. Gupta was providing accommodation entries - Held that:- It is an admitted fact that the assessee is also one of the group concerns of Sh. S.K.Gupta and on the application of the Sh. S.K.Gupta before the ITSC, ITSC was pleased to direct the computation of the entire undisclosed income relating to various conduct companies controlled by Sh. S.K.Gupta shall be in the hands of Sh. S.K.Gupta. As assessee is one of the 34 conduit companies, 09 out of whom approached the Tribunal in Omni Farms Pvt. Ltd. [2015 (1) TMI 1119 - ITAT DELHI] and batch of cases wherein the Tribunal noticed that pursuant to the computation of undisclosed income by the ITSC in relation to various conduit companies controlled by Sh.S.K.Gupta, in the hands of Sh. S.K.Gupta himself and held that since credit entries in the case of conduit companies has been considered in the hands of Sh.S.K.Gupta by the order of Income Tax Settlement Commission, no separate addition u/s 68 is required to me made in the hands of conduit companies which were merely used for providing accommodation entries - Decided in favour of assessee.
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