{"id":49823,"date":"2025-01-12T17:42:24","date_gmt":"2025-01-12T12:12:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/dcit-v-shree-rupanandham-steel-p-ltd-2024-207-itd-115-raipur-trib\/"},"modified":"2025-01-12T17:42:24","modified_gmt":"2025-01-12T12:12:24","slug":"dcit-v-shree-rupanandham-steel-p-ltd-2024-207-itd-115-raipur-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dcit-v-shree-rupanandham-steel-p-ltd-2024-207-itd-115-raipur-trib\/","title":{"rendered":"DCIT v. Shree Rupanandham Steel (P.) Ltd. (2024) 207 ITD 115 (Raipur) (Trib.)"},"content":{"rendered":"<p><strong>\u00a0<\/strong>Assessing Officer held that one investor, Axis Propbuild Pvt Ltd\u00a0 made investments from funds received from\u00a0 Toplink Projects Pvt Ltd and return income of said shareholder company was not sufficient. He\u00a0 treated share application receipts from\u00a0 Axis Propbuild Pvt Ltd\u00a0\u00a0\u00a0 as unexplained credit under section 68 and made addition. Commissioner (Appeals) deleted the\u00a0 addition.\u00a0 On appeal\u00a0 the Tribunal held that as per financial statements of Toplink Projects Pvt Ltd, who had made entire investment in Axis Propbuild Pvt Ltd\u00a0\u00a0\u00a0\u00a0\u00a0 it was evident that there was a substantial amount of gross total income. In view of substantial turnover and net worth of\u00a0 Toplink Projects Pvt Ltd\u00a0\u00a0 which was also an associated company of Axis Propbuild Pvt Ltd only finding of Assessing Officer that investor&#8217;s share capital and reserves were not changed from preceding year and there was insufficient income, could not be sole reason to characterize said transaction as bogus. Since assessee had duly established creditworthiness of investor and genuineness of transaction,\u00a0 addition made by Assessing Officer is\u00a0 merely on basis of a preconceived notion and was, arbitrary and unsustainable. Order of CIT(A) deleting the addition is affirmed. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Share application money-Substantial turnover-Established genuineness of transaction-Addition is  deleted. [S.56(2)(viib), 131]<\/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-49823","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cXB","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49823","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=49823"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49823\/revisions"}],"predecessor-version":[{"id":49824,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49823\/revisions\/49824"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}