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2022 (7) TMI 795 - ITAT DELHIAddition u/s 68 - None appeared on behalf of the assessee - HELD THAT:- None has been appearing also for the past six posting for hearing. In this view of the matter, we are disposing of the appeal by hearing the Ld. DR and perusing the records. We find that the facts and circumstances narrate in the order of the authorities below clearly indicate that it is classic case of circuitatious rotation of unaccounted money. The lender has no identity in as much it is nonexistent its sources of credits itself is share premium. So there is no creditworthiness of the lender company. It is a clear cut case of circuitatious rotation of unaccounted money and being such rotation of unaccounted money is absolutely not a genuine loan transaction. The authorities have duly dealt with the issues. In this view of the matter, we do not find any infirmity in the orders of the Revenue authorities below - Decided against assessee.
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