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2016 (5) TMI 1298 - AT - Income TaxAddition u/s 68 - Held that:- It is evident that the share applicant company has given the confirmation on its letter head which gives the complete address of the said company. In the confirmation, number of shares applied and the amount invested has been given. Details of payments i.e., cheque number, date of cheque and name of the bank on whom cheque is drawn is given. Address of the bank and bank account number has also been given, source of fund is given as well as permanent account number of the company is also given. Addition for unexplained expenditure on alleged commission - Held that:- The addition relating to unexplained expenditure on alleged commission on the share application money is made by the Assessing Officer on the presumption that the assessee has taken the accommodation entry and for availing such accommodation entry, the assessee paid the commission. We have not accepted the Revenue’s contention that the assessee has taken the accommodation entry in the form of share capital. Therefore, the allegation of the Revenue that the assessee has paid commission for taking the accommodation entry cannot be accepted. Accordingly, the addition made for unexplained expenditure on alleged commission is deleted.
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