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2010 (12) TMI 1055 - ITAT, DELHIAddition - Unexplained income u/s 68 - Share capital money - As per the case of CIT vs. Victor Electrodes Ltd. [2010 -TMI - 76018 - DELHI HIGH COURT], it has been clearly laid down by the Hon'ble Delhi High Court that there is no legal obligation on the assessee to produce some director or representative of the applicant companies before the AO, and, therefore, failure of assessee to produce them could not, by itself, have justified the additions made by the AO, when the assessee had furnished documents, on the basis of which, the AO, if he so wanted, could have summoned them for verification - Similarly, merely because directors of share applicant companies were not found available at the addresses given, that by itself is not sufficient for the AO to reject assessee's case when the assessee has furnished all documents relating to share applicants, such as their PAN, details of income-tax assessment, registration of companies under Companies Act and bank details - Decided in favour of assessee.
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