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2015 (11) TMI 1703 - AT - Income TaxRe-opening of the assessment - addition under section 68 - Held that:- The assessee at the original assessment stage filed all the documentary evidences before Assessing Officer with regard to proving identity of the share applicants, their credit worthiness and genuineness of the transaction in the matter. No business/manufacturing activities have been carried out by the assessee during the year under consideration. The Assessing Officer accepted the returned income by showing interest income at ₹ 9,522/-. Same evidences were furnished before Assessing Officer for reassessment proceedings. Referring to case of Lovely Exports Pvt. Ltd. (2008 (1) TMI 575 - SUPREME COURT OF INDIA) as well as order of ITAT Chandigarh Bench in the case of M/s Kisco Casting P. Ltd. [2012 (10) TMI 314 - ITAT, CHANDIGARH] which clearly supports the contention of the assessee that assessee received genuine share application money from 8 persons/entities. - Decided in favour of assessee.
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