Monday, February 15, 2016

Tribunal gets flak from HC for deleting sec. 68 addition without examining identity and creditworthiness of creditors

The High Court of Delhi held that where it was alleged that on-money received in cash by real estate companies from flat purchasers was routed back in those companies in form of share capital/ unsecured loans, etc. using assessee as a conduit, unless identity and creditworthiness of concerned
fund owner were confirmed, addition made in hands of assessee could not be deleted.

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