Section 43 Of IBC Cannot Be Attracted When No Transaction Was Made By Corporate Debtor: NCLAT

The Allahabad High Court ruled that placing funds in one account before transferring them to another does not attract provisions of Section 69A of the Income Tax Act. The case involved a taxpayer who was accused of concealing income by transferring funds between accounts. The court held that such transfers, without evidence of unexplained income, do not trigger the provisions of Section 69A, which deals with unexplained money, bullion, or property. This decision clarifies that mere movement of funds between accounts does not automatically imply the existence of unaccounted income.