Assessee’s 7 crores Loan from Shell Company Added to u/s 68 of Income Tax Act: Delhi HC sets aside Reassessment Initiated Without Stating Valid Reason [Read Order]

By Yogitha S. Yogesh - On July 27, 2023 8:00 am - 2 mins read
7 crores Loan - Shell Company - Income Tax Act - Delhi Highcourt - Reassessment Initiated Without Stating Valid Reason -Loan from Shell Company - taxscan

The Delhi High Court set aside the reassessment against the addition of a 7 crores loan of the assessee from a shell company under section 68 of the Income Tax Act, 1961, in the absence of valid reason. Spirit Global Construction Pvt Ltd, Spirit Infradevelopers Pvt. Ltd. [SIDPL] and Spirit Infrastructure Pvt. Ltd [SIPL].  SGCPL…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader