Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 1495 - AT - Income TaxAddition on account of share capital receipts - whether the assessee failed to establish the identity, credit worthiness and genuineness of the transaction despite adequate opportunity - CIT(A) deleted the addition - Held that:- In the present case, it appears that the AO wrongly presumed that the deposit of ₹ 20,00,000/- made by M/s D.N. Kansal Securities Pvt. Ltd. who was a regular client of the assessee, was received as a share application money. The said amount was received by the assessee in normal course of business as a margin money which was taken as per the normal trade practice prescribed by National Stock Exchange of India. The ld. CIT(A) verified the above facts from the copy of account furnished before him. In the present case, the AO had also not controverted this submission of the assessee that the amount in question was received from a regular client who had executed business in the stock market through the assessee. Therefore, the addition made by the AO was not justified and the ld. CIT(A) rightly deleted the same. We do not see any valid ground to interfere with the findings given by the ld. CIT(A) - Decided in favour of assessee.
|