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2023 (1) TMI 1333 - AT - Income TaxAddition to share capital u/s 68 - unexplained cash credit - HELD THAT:- The assessee furnished all such details of the lenders/ depositors. We further find that there is no allegation of assessing officer that any of such lenders/ creditors are part of syndicate of accommodation entry provider. Majority of the investor either in the equity shares or preference shares are made by the group company or by promotor at the face value of the shares. There is no evidence that investment in shares of assessee is a result of some circular transactions. In view of the afforesaid factual discussions, we do not find any illegality or infirmity in the finding of the ld CIT(A), which we affirm with our additional observation. In the result, the grounds of the appeal raised by the revenue is dismissed.
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