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2016 (7) TMI 605 - AT - Income TaxAddition u/s.68 - non genuine share application by director - Held that:- It is not the case that the concession was about true legal position of law and not of facts. We further find that CIT(A) while upholding the addition has noted that the director of the applicant shareholder had admitted the share application made by them to be non genuine and it is not the case of the assessee that the statement was recorded at the back of the assessee and was not made available to the assessee. On the contrary, AO has noted that the after the statement of the director of the applicant was made available to the director of the assessee, the director of the assessee offered the amount of share capital as its income. Considering the totality of the facts, we are of the view that in the present case, no interference to the order of ld.CIT(A)is called for. - Decided against assessee.
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