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2013 (12) TMI 306 - AT - Income TaxAddition u/s 68 – The assessment was completed u/s 144 adding income on account of introduction of share capital – The assessee failed to submit the confirmation in respect of share capital introduced and other information – Held that:- Following CIT v. Stellar Investment Ltd. [2000 (7) TMI 76 - SUPREME Court] - The burden of proving the existence of shareholders is still upon the assessee and in the instant case, the assessee failed to discharge its burden – The assessee failed to prove the genuineness and creditworthiness of the parties - Decided against assessee. Re-examining of records of the share applicants – The lower authorities has not examined the documents carefully - Held that:- Following CIT v. Sophia Finance Ltd. [1993 (8) TMI 62 - DELHI High Court] - The assessee is required to prove not only the identity of the parties, genuineness of the transaction has to be proved – Decided in favour of Revenue – The matter was restored for fresh decision.
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