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2009 (1) TMI 25 - HC - Income Tax
Share application money – assessee has explained the credits and the identity, genuineness and credit worthiness of the subscribers – assessee has been able to discharge its onus in respect of the veracity of the transactions - revenue make addition under Section 68 of the Act only if the assessee is unable to explain the credits appearing in its books of accounts - no question of law arise, much less, a substantial question of law has arisen for our consideration - Revenue’s appeal fails