Nouvelle Securities Pvt Ltd Vs. The A.C.I.T

Parties Involved

Facts Summary

The assessee, Nouvelle Securities Pvt Ltd, received loans from four companies which were alleged to be bogus accommodation provider entities. The Assessing Officer made an addition of Rs. 2.51 crores, including commission for providing the entries. The assessee contended that the issues were similar to those in the case of Filatax India Limited, where the loans from the same parties were held to be genuine. The assessee submitted various documents to prove the identity, creditworthiness, and genuineness of the transactions.…

Legal Issues

• 1. Addition of Rs. 2,46,00,000/- made by Assessing Office u/s 68 of the Income-tax Act, 1961.
• 2. Genuineness of creditors as shell companies.
• 3. Necessity of audited accounts and bank statements of alleged entry operator.
• 4. Sufficient funds of accommodation entry operators in the form of investments in other non-genuine companies.
• 5. Information of conduct of any audit/in.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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