Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 436 - ITAT, DELHIAddition u/s. 68 - Issue of share capital - AO has specifically asked the assessee to provide the detailed calculation of the method of valuation of the premium per share in respect of the share premium calculated @ Rs. 400/- per equity share. However, the assessee company has not given any cogent reply in this regard - no cogent explanation on the records, as to why assessee should charge premium of Rs. 400/- on shares of Rs. 100/- per share – Matter remanded to AO Estimation of income – rejection of books of accounts - held that:- all the necessary books of accounts were produced by the assessee and the relevant details of expenditure was also provided. - AO can not reject the books of accounts. Cash payment of repair - held that:- instead of disallowance of Rs. 1,00,000/-, disallowance of Rs. 5,00,000/- to be made.
|