Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2019 (12) TMI 573 - ITAT PATNA
Additions u/s 68 - unexplained cash credit - Share Capital and Share premium - identity creditworthiness of the Shareholders and genuineness of the transaction - Held that:- From the details of share applicants companies it is clear that they have meagre income or nil income. While going through the bank statements submitted by the assessee for a small period, which have been placed on record, we find that huge transactions have been made and the amount i.e. more or less have been withdrawn on the same day. The ld. AR of the assessee also unable to satisfy that the share applicant companies have genuineness business activities.
The creditworthiness of the share applicants, in the present case in hand, have not been proved by the assessee, therefore, the AO has rightly made addition on account of unexplained cash credit.