Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 1754 - AT - Income TaxAddition u/s 68 - Addition on account of income from undisclosed sources - charging interest u/s 234B and 234D - Held that:- Assessee-company produced sufficient documentary evidences before A.O. to prove ingredients of Section 68. The assessee also allotted shares to the investors. The A.O. did not make proper enquiry on the evidences filed by the assessee-company on record. Whatever enquiry was made under section 133(6) of the Act are ultimately remained in favour of assessee and was not discussed in the assessment order. Assessee-company discharged initial onus to prove identity of the investor companies, their creditworthiness and genuineness of the transaction in the matter. The decisions relied upon by the Ld. D.R. are clearly distinguishable on facts. The decisions relied upon by the Learned Counsel for the Assessee are squarely applicable to the facts and circumstances of the case. In view of the above discussion, we set aside the orders of the authorities below and delete the addition of ₹ 2.44 crores under section 68. The other grounds i.e., charging of interest under sections 234B and 234D of the I.T. Act, are consequential in nature.
|