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2016 (1) TMI 1416 - AT - Income TaxReopening of assessment u/s 147 - Addition u/s 68 - unexplained cash credits being share application money - HELD THAT:- No inquiries were made by the AO on the basis of the information supplied by the assessee we are in agreement with the finding of the CIT(A) that arguments and evidences provided by the assessee to substantiate that the transaction regarding Share Application Money received by' the assessee were genuine transactions and the same were not accommodation entries. We also do not find any evidence collected by the A.O. which could prove otherwise. Accordingly, the AO was not justified in treating the amount of share application money received by the assessee as its undisclosed income. CIT(A) has rightly deleted the addition made by the AO u/s. 68 of the I.T. Act, 1961 and has passed a well reasoned order on the issue in dispute. - Decided against revenue
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