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2012 (10) TMI 602 - AT - Income TaxAddition on account of cash credit u/s 68 – Share application of money – Assessee could not able to explain source of investment – Held that:- Following the decision in case of LOVELY EXPORTS (PVT) LTD (2008 (1) TMI 575 - SUPREME COURT OF INDIA) that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law. Therefore, the amount received by assessee as share application money cannot be regarded as undisclosed income of the assessee. Issue in favour of assessee
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