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2017 (3) TMI 1544 - AT - Income TaxAddition u/s 68 - share application money non genuine - Held that:- In the context of the preponderance of probabilities, the impugned share application money is not genuine and the assessee has grossly failed in discharging the initial burden cast upon it by the provisions of Section 68 of the Act. We, therefore, decline to interfere with the findings of the First Appellate Authority. The assessee has grossly failed to establish the identities of the share applicants. None of the share applicants were produced before the A.O. nor any notice could be served upon them as all the notices/summons returned unserved. Secondly, it is not the case of the ld. counsel that the share applicants for the year under consideration are the same shareholders which applied in the immediately preceding assessment year. - Decided against assessee.
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