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2018 (9) TMI 1108 - AT - Income TaxAddition u/s 68 - Addition on account of peak credits worked out on the basis of pen drive - Held that:- Peak credits of the transactions in the pen drive stood accepted by one Shri Chetan Gupta as its income. The addition made in the hands of assessee company on the same basis cannot be sustained. Once the said peak credits have been added in the hands of Shri Chetan Gupta, the same cannot be again added in the hands of assessee company. No contrary material is placed on record on behalf of the Revenue. We, accordingly, do not find any justification to sustain the addition made by the authorities below in the hands of Assessee Company. - Decided in favour of assessee.
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