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2023 (6) TMI 1362 - HC - Income TaxAddition u/s 68 on share capital and premium - absence of identity of the creditors, genuineness and creditworthiness of the entire transaction - ITAT deleted the addition - only reason for making the addition in the hands of the assessee the director of the assessee company did not respond to the summons issued by the assessing officer u/s 131 - HELD THAT:- Non appearance of the director cannot be made a ground for addition in the hands of the assessee under Section 68 of the Act when other evidence relating to the raising of share capital qua the share subscriber were available on record as furnished by the assessee and also cross verified by the assessing officer pursuant to the enquiry conducted in response to the notices issued under Section 133(6) of the Act. Tribunal also referred to the decision of this Court in the case of Crystal Networks Pvt. Ltd. Vs. CIT [2010 (7) TMI 841 - KOLKATA HIGH COURT] Thus we find that there is no question of law much less substantial question of law arising for consideration in this appeal.
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