Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (5) TMI 118 - HC - Income TaxAddition u/s 68 made with respect to the share capital of the assessee in the hands of the assessee company – Held that:- As decided in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd (2008 (1) TMI 575 - SUPREME COURT OF INDIA), if the assessee has furnished complete details of investors and all the investors have confirmed having invested money in the assessee company filling the income tax details and bank account statement etc. no addition on account of share capital can be made in the hands of the assessee company - Merely because creditworthiness of all the shareholders has not been established to the satisfaction of the AO or because some of the shareholders having not appeared before the AO for examination, no addition u/s 68 could be made – against revenue.
|