Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 475 - AT - Income TaxAddition u/s 68 – Share application money received during the year – Initial burden discharged by assessee or not - Held that:- The assessee had discharged the initial burden of proof that lay on it - The investor company M/s VIP Leasing & Finance Pvt. Ltd. directly sent a confirmation letter to the Assessing Officer, along with its balance sheet - The AO had the PAN No. and complete address of the investor company - the assessee produced all the documents and evidences which he could and whereas, the revenue failed in conducting any enquiry or in gathering any evidence against the assessee – As decided in COMMR. OF INCOME TAX Versus M/s LOVELY EXPORTS(PVT) LTD [2008 (1) TMI 575 - SUPREME COURT OF INDIA] - if the assessee produces the names, addresses, PAN details of the shareholders then the onus on the assessee to prove the source of share application money stand discharged - If the Assessing Authority to verify the same in the hands of the shareholders concerned - as the assessee has discharged its initial burden of proof and as the revenue did not do any enquiry or investigation and hence did not discharge the onus that shifted to it, the contentions of the assessee is upheld – Decided in favour of assessee.
|