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]

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…

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