This new AO gotten a reports out-of ITO that a pursuit step u/s

This new AO gotten a reports out-of ITO that a pursuit step u/s

Held that, whenever display application form, content out-of cheque, cheque put slips, copy out-of financial declaration, content off express permits, duplicate regarding source of money, duplicate out of panel resolution, certificate of incorporation, duplicate out-of Memorandum from Relationship (MOU) an such like. have been recorded regarding most of the investor agencies, further, all of the buyer agencies had sufficient websites well worth making funding, its demonstrates assessee had efficiently discharged onus cast about it u/s. 68. Enhancements was unjustified.

S. 68: Dollars borrowing from the bank (Hotel organization) – AO approved reopening see just towards the foundation of information gotten out-of institution in which he had not pointed out how resource in question is actually unexplained money off assessee, acquisition approved by AO was to become quashed.

132 is actually done in matter-of you to definitely ‘VI’ Category during which it actually was unearthed that several businesses out of group had been involved with delivering rental records to various people inside the sorts of show financial support, display advanced, phony expenses, unsecured loans etcetera.

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