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Commissioner of Income-Tax Versus Mitul Krishna Kapoor

2016 (6) TMI 848 - CALCUTTA HIGH COURT

Addition under Section 68 - Addition of a sum of was made on the basis that the assessee had allegedly taken loan from the corpus fund, which the assessee has denied - Held that:- C.I.T.(A) has correctly held that there is no knowledge as to what the .....

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A). - As regards other sum the addition was found altogether unmeritorious because “all these amounts are paid by cheque out of accounted fund in the regular books of accounts. A copy of the confirmation along with the bank statement in respect o .....

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ade available before the AO. Based on these submissions, the ld.CIT(A) has correctly deleted the same also confirmed by ITAT - Decided against revenue. - ITA No. 333 of 2009 - Dated:- 9-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appell .....

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d by the revenue. The revenue has once again come up in appeal which was admitted by this Court on 7th January, 2010. The following question of law was formulated. Whether on the facts and in the circumstances of the case the Learned Tribunal is just .....

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assessee had allegedly taken loan from the corpus fund, which the assessee has denied. The assessing officer proceeded to add this sum of ₹ 33.90 under section 68. C.I.T.(A) has clearly held that there is no knowledge as to what the corpus fun .....

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sum of ₹ 72,57,686/- is concerned, the addition was found altogether unmeritorious because all these amounts are paid by cheque out of accounted fund in the regular books of accounts. A copy of the confirmation along with the bank statement in .....

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