Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (10) TMI 237 - HC - Income TaxShare application money - genuineness of transaction - Held that: - Tribunal has taken note of judgment of this Court in the case of Rathi Finlease Ltd. (2007 -TMI - 203457 - Madhya Pradesh High Court) as also the various judgments of the Supreme Court as well as Delhi High Court and has held that though it is the duty of the assessee to establish the genuineness of the credits but in the present case the assessee has duly established the identity and source of credits. The Tribunal has also held that once the identity and source of the subscribers of the share is established no addition can be made under section 68 of the Income-tax Act. The assessee having duly furnished the names, age, address, date of filing the application of share, number of shares of each subscriber there was no justification for the Assessing Officer for making the impugned addition because once the existence of the investors/share subscribers is proved, onus shift on the revenue to establish that either the share applicants are bogus or the impugned money belongs to the assessee itself.
|