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2017 (2) TMI 627 - AT - Income TaxAddition made u/s.68 in respect of share application money received - Held that:- On the basis of documentary evidence placed on record we found that the assessee has discharged the onus cast upon by proving the identity, genuineness and creditworthiness-of the parties from whom it had received share application money. In the case of assessee neither any statement was given by third party to the Investigation Wing in which they have mentioned specifically that assessee was involved in the arrangement nor AO has proved specific involvement of the assessee in the arrangement of introduction of own money in the garb of share application money. There was no such specific finding or evidence was made available by the Assessing officer to prove that money received by the assessee was not genuine and it came from the coffers of the assessee company. - Decided in favour of assessee
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