ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, GUWAHATI vs. M/S. WINNER DEALTRADE (P) LTD.,, KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

68 of the IT Act, 1961 holding that there was no failure on the part of the assessee to disclose truly all material facts necessary for his assessment. However, the fact is that neither the Director of the assessee company nor the directors of the allotted companies appeared before the AO to verify the genuineness of transaction, identity and creditworthiness

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, GUWAHATI vs. M/S. LINKSTAR PROMOTERS (P) LTD, KOLKATA

In the result, both the appeals of the Revenue are dismissed