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2020 (1) TMI 1639 - AT - Income TaxAddition u/s 68 - share capital and share premium - HELD THAT:- We find that the issue involved in the present appeal is squarely covered in favour of the assessee by the decision of ITAT in assessee’s own group company case where under identical set of facts, the Tribunal has deleted additions made by the Ld. AO towards share capital and share premium u/s 68 Thus as identity, genuineness of transaction and creditworthiness of subscribers has been proved as required u/s 68 of the Act. We, therefore, direct the Ld. AO to delete additions made towards share capital and consequent commission u/s 68 of the I.T.Act, 1961. - Decided in favour of assessee. Assessment u/s 153A - Disallowances of expenditure incurred in relation to exempt income u/s 14A of the Act r.w.Rule 8D - HELD THAT:- Addition to be deleted made by the Ld. AO u/s 14A r.w.s.Rule 8D of I.T.Rules, 1962, on the ground that in absence of incriminating material found as a result of search no additions could be made in the assessments framed u/s 143(3) r.w.153A - Decided in favour of assessee.
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