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2017 (6) TMI 84 - HC - Income TaxAdditions made u/s 68 - bogus transactions - existence of the companies, their creditworthiness and the genuineness of the transactions - Held that:- We are of the opinion that this matter stands concluded by the findings of fact to the effect that the transaction as appearing in the books of accounts of the respondent assessee in respect of the share application money of the named two companies are genuine and since the respondent assessee has discharged the onus cast upon it to prove the identity and creditworthiness of the two companies, the amount is not liable to be added under Section 68 of the Act in the absence of any contrary evidence to prove the transaction to be bogus. - Decided in favour of assessee.
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