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ACIT Vs. Panchanan International Private Limited, ITA no. 50/Del/2011
December, 11th 2012

In the recent judgment in the case of Panchanan International (P) Ltd., ITA No. 50/Del/2011 decided on 23rd November, 2012, the Delhi Tribunal has held that no addition can be made on account of the share capital merely on the basis of the statement of the entry operators. In this case the assessee has accepted the share application money through banking channel and it filed details/documents regarding these companies. The AO without going into the documents and without conduct any enquiry made the addition on the basis of an allegation made by the Director Investigation of assessee having accepted accommodation entries. The Delhi Tribunal after analyzing the judgment in the case of Goel Sons Golden Estate Pvt. Ltd. held that the AO has failed to conduct necessary enquiry, verification and deal with the matter in depth and as such no addition made by the AO can be sustained.Read more

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