Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 481 - AT - Income TaxAddition on account of share application money u/s 68 - CIT(A)deleted the additions made by AO - Held that:- The assessee is a Private Limited Company, accordingly all the relevant provisions of Companies Act are applicable in respect of receiving share application money and issue of shares, whereas assessee did not file relevant resolution passed by the Board of Directors or otherwise related to share application money as required under the Companies Act and CIT(A), without appreciating the facts that the assessee has failed to prove the genuineness of the transaction, deleted the addition - against assessee Rent receivable - Accrual of rental income - AO stated that assessee has shown rent for two months whereas he ought to have shown rent for ten months as the assessee followed Mercantile System of accounting - CIT(A)deleted the additions made by AO - Held that:- AO has calculated ten months rent merely on the ground that information under section 133(6) was not furnished by tenant and notices were retuned back and alleged that the assessee has failed to furnish correct address of tenant but ignored to note that the respective tenant is a Private Limited Company and the information regarding registered office would have been gathered from Registrar of Companies, if the AO was having doubt about the correct address, but no such exercise has been done by the AO - letter from Tenant confirmed the fact that the deposit of the property was given in the month of February, 2008, where he has admitted the mistake in TDS certificate and confirmed they have paid rent only for February & March, 2008 also confirmed the balance in their books of account which tallied with the books of account of the assessee - in favour of assessee.
|