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2016 (3) TMI 1373 - ITAT DELHIAddition u/s 68 on account of commission - assessee failed to discharge its onus to prove the genuineness of the transactions - HELD THAT:- In the appellant's case scrutiny assessment u/s 143(3) was made on 28.02.2006. In the course of the said proceedings, the details of share application money / share capital were furnished vide its explanation dated 16.11.2005 which are available at pages 40 to 43 of the paper book furnished. Nothing adverse was found. The AO has not verified the details furnished by the assessee and I.T. records of the shareholders/investing companies. These facts were not controverted by the AO. The assessee has discharged its burden of providing basic details which were required for verification to fulfill the conditions viz. identity of the creditor, credit worthiness of the creditor and genuineness of transaction as laid down by higher judicial authorities for examining the issue is u/s. 68. No interference is called for in the well reasoned order passed by the Ld. CIT(A) on the deletion of additions in dispute, hence, we uphold the same and dismiss the ground no. 1 raised by the Revenue in its Appeal.
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