{"id":12826,"date":"2020-10-09T14:15:24","date_gmt":"2020-10-09T14:15:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/rajbir-kaur-smt-v-ito-2020-181-itd-67-chd-trib\/"},"modified":"2020-10-09T14:15:24","modified_gmt":"2020-10-09T14:15:24","slug":"rajbir-kaur-smt-v-ito-2020-181-itd-67-chd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/rajbir-kaur-smt-v-ito-2020-181-itd-67-chd-trib\/","title":{"rendered":"Rajbir Kaur (Smt.) . v. ITO (2020) 181 ITD 67 (Chd) (Trib.)"},"content":{"rendered":"<p>AO held that\u00a0 the assessee had taken accommodation entry from\u00a0 alleged a penny stock Company UNNO Industries Ltd. hence added the loan as cash credits\u00a0 which was affirmed by the CIT (A).\u00a0 On appeal the Appellate Tribunal held that\u00a0 in case of\u00a0 a listed company, a specific finding as to whether a particular company is a\u00a0 bogus or\u00a0 sham company from whom accommodation entry is\u00a0 allegedly taken, has to be recorded by\u00a0 appropriate regulatory authority\u00a0 ie. SEBI .\u00a0 Tribunal also directed the AO \u00a0to pass a speaking order in accordance with law after giving the assessee a reasonable opportunity of being heard. The Revenue shall ascertain and bring on record any order\/warning or penalty visited upon M\/s. Golden Legend Finance &amp; Leasing Ltd. by SEBI\/Regulatory Authority and decide the issue with reference to the status of the said company as held by the Appropriate Regulatory Authority\u00a0<em>qua<\/em>\u00a0its activities at the relevant point of time. \u00a0In instant case, there was no reference whatsoever\u00a0 the impugned addition was set aside and matter remanded. ( AY. 2014 -15 , 2015 -16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits \u2013Loan form  penny stock company\u2013 Matter remanded to the AO for verification whether SEBI has taken any action against alleged Company  which has given loan to the assessee.  [ S.115BBE ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12826","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3kS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12826"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12826\/revisions"}],"predecessor-version":[{"id":12827,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12826\/revisions\/12827"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}