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2017 (5) TMI 785 - DELHI HIGH COURT

2017 (5) TMI 785 - DELHI HIGH COURT - TMI - Addition u/s 68 - Held that:- AO has made no additions under Section 68 of the Act even in the case of Rapid Packaging Ltd. which is one more of the 'conduit companies' like the Assessee herein. - Decided in favour of assessee. - ITA 675/2016 - Dated:- 2-5-2017 - S. Muralidhar And Chander Shekhar, JJ. For the Appellant : Mr. Zoheb Hossain, Sr. Standing Counsel and Mr. Deepak Anand, Jr. Standing Counsel For the Respondent : Mr. S. Krishnan, Advocate ORD .....

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eptember 2016, the following question of law was framed: Whether in the facts of the case, the findings of the ITAT with respect to the inapplicability of the Section 68 of the Income Tax Act were justified and sustainable". 3. Mr. Krishnan, learned counsel for the Respondent Assessee, drew attention to the order passed by this court on 29th September, 2015 in ITA No. 683/2015 (Principal Commissioner of Income Tax v. Vijay Conductors Pvt. Ltd.) wherein the entire question of the disclosure .....

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f such accommodation entries and, therefore the order of the ITAT deleting the additions in their hands under Section 68 of the Act did not suffer from any legal infirmity. The Revenue's appeal was dismissed and thereby an order dated 28th January 2015 of the ITAT in a batch of appeals was affirmed. 4. The above order in Principal Commissioner of Income Tax v. Vijay Conductors Pvt. Ltd. (supra) was followed by this Court in its order dated 6th October 2015 in ITA No. 707 of 2015 (Principal C .....

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