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2017 (12) TMI 1574 - AT - Income TaxAddition made towards share capital u/s 68 - statements recorded by the DDIT(Inv.) from the directors of the share subscribing companies - Held that:- We hold that the allegation of the AO that the assessee had introduced its own funds in the garb of share capital and premium is totally baseless and is only on surmises and conjectures. No evidence or documents were brought on record by the AO to even remotely suggest that the assessee has introduced its own funds in the garb of share capital. Hence we have no hesitation in directing the AO to delete the addition made u/s 68 of the Act towards share capital and share premium in the facts and circumstances of the case. Accordingly, the grounds raised by the assessee are allowed.
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