https://www.taxtmi.com/caselaws?id=772453 ITAT Kolkata allowed the appeal against addition u/s 68 based on alleged shell company transactions. The AO added Rs. 20,00,112/- claiming the assessee benefited from Banka Group shell companies. However, the AO failed to provide essential details including transaction dates, lender company particulars, and bank account credits. The assessee's bank statements showed no corresponding credits for the alleged amount. The ITAT held that the AO's failure to furnish minimum required evidence prevented the assessee from adequately rebutting the allegations, ruling in favor of the assessee. en-us Thu, 29 May 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772453 ITAT Kolkata allowed the appeal against addition u/s 68 based on alleged shell company transactions. The AO added Rs. 20,00,112/- claiming the assessee benefited from Banka Group shell companies. However, the AO failed to provide essential details including transaction dates, lender company particulars, and bank account credits. The assessee's bank statements showed no corresponding credits for the alleged amount. The ITAT held that the AO's failure to furnish minimum required evidence prevented the assessee from adequately rebutting the allegations, ruling in favor of the assessee. Case-Laws Income Tax Thu, 29 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772453