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2018 (10) TMI 1661 - AT - Income TaxAddition u/s. 68 - addition on share subscription money received - Proof of identity, creditworthiness and genuineness of the share applicants - HELD THAT:- Section 68 provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO's record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. No addition was warranted under Section 68. Therefore, we do not want to interfere in the impugned order of CIT(A). - Decided against revenue.
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