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2015 (6) TMI 1023 - AT - Income TaxAddition u/s 68 - undisclosed cash credit - Held tht:- We do not find any strength in the allegation made by the AO. Allegations are baseless and without any supportive evidence. On the contrary, these two companies have paid share application money from their bank accounts through account payee cheque, therefore the transaction cannot be treated as bogus. Since the AO has not made any further enquiry, merely because of the false allegation, a genuine transaction cannot become non genuine transaction. The First Appellate Authority has considered the facts in the light of the provisions of Sec. 68 of the Act and have deleted the additions in respect of these six companies. On the basis of same documentary evidences brought on record before us, we do not find any reason to interfere with the findings of the Ld. CIT(A). - Decided in favour of assessee
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