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2013 (7) TMI 162 - AT - Income TaxUnaccounted cash credit - Addition u/s 68 - CIT(A) deleted the addition - Held that:- The assessee has received share application and furnished full particulars of the same before the AO. The identity of the subscriber is proved beyond doubt. The details of income-tax returns were also field before the AO. Confirmations were also filed before Assessing Officer either directly by investor or by assessee. The copy of the share application form was also furnished. The payments have been made by the account payee cheques through banking channels. In such a situation, the genuineness of the transaction is also established. Once the assessee has furnished the income-tax particulars of the concerned subscribers then the Assessing Officer is duty bound to investigate the creditworthiness of the subscribers. All these facts show that the assessee was able to discharge the onus lay on it in terms of section 68. Thus no fault in the order of CIT (A) to delete the addition - in favour of assessee.
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