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2012 (11) TMI 333 - AT - Income TaxAddition on account of unexplained share application money u/s 68 of the Income-tax Act alleged that AO, seeking details of genuineness of the share application money, the assessee did not respond Held that:- Just because the creditors /share applicants could not be found at the address given, it would not give the revenue the right to invoke section 68 - it is settled law that the assessee need not to prove the source of source - appellant filed copies of PAN, acknowledgement of filing of income tax returns of the companies, their bank account statements for the relevant period, i.e. for the period when the cheques were cleared addition deleted in favor of assessee
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