{"id":64109,"date":"2026-08-28T16:13:03","date_gmt":"2026-08-28T10:43:03","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pr-cit-central-v-lalitha-jewellery-mart-p-ltd-2026-308-taxman-462-madhc-2\/"},"modified":"2026-08-28T16:13:03","modified_gmt":"2026-08-28T10:43:03","slug":"pr-cit-central-v-lalitha-jewellery-mart-p-ltd-2026-308-taxman-462-madhc-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pr-cit-central-v-lalitha-jewellery-mart-p-ltd-2026-308-taxman-462-madhc-2\/","title":{"rendered":"Pr. CIT, Central v. Lalitha Jewellery Mart (P) Ltd. (2026) 308 Taxman 462 (Mad)(HC)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>A search was conducted in the case of assessee. Pursuant to which, the Assessing Officer made additions under section 68 on the basis of statement of one Mahendra Kumar Sethia (&#8216;M&#8217;) \u00a0recorded under section 131 that share application money\/share premium was received by the assessee from one Kothari Credit India Pvt Ltd (KCIPL). Assessing Officer held that entire transaction of receipt of share application money\/share premium was a sham transaction and it was assessee&#8217;s unaccounted income that was invested through various companies. On appeal, Tribunal deleted the addition made under section 68 on the ground that statement of Mahendra Kumar Sethia (&#8216;M&#8217;) \u00a0was very vague and there was no concrete statement made that money was received from the assessee-company at any stage, nor there was any material on record to suggest that either assessee-company paid money to Kothari Credit India Pvt Lt (KCIPL) \u00a0or to Mahendra Kumar Sethia\u00a0 (&#8216;M&#8217;,) \u00a0which was invested in form of share premium in assessee-company. High Court held that it could not be said that the Tribunal&#8217;s approach could be said to be perverse merely because it had taken another view. Order of Tribunal deleting the addition was affirmed. (AY. 2013-14 to 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Search-Statement on oath-Share application money-Order of Tribunal deleting the addition was affirmed.[S. 131, 132, 260A] <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64109","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gG1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64109","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=64109"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64109\/revisions"}],"predecessor-version":[{"id":64110,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64109\/revisions\/64110"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}