Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 107 - AT - Income TaxUnexplained under section 68 - addition on doubt of genuineness of the investor’s capacity - Held that:- Assessee has completely produced the evidences before the AO i.e. the identity of the shareholder by filing the registered address with ROC, PAN No. along with copy of returns of income furnished with particular Ward of the department of the investors. The assessee has also received money from shareholders through account payee cheque and issued documents such as share certificate, return of allotment filed with ROC forms which were filed before the AO. The assessee has also filed copies of bank statement of the subscribers showing that it had sufficient balance in its accounts to enabled the subscriber to subscribe the share capital. Once the AO has not rebutted the evidences, the AO cannot disbelieve the same. This issue is squarely covered by the decision in the case of CIT vs. Gagandeep Infrastructure Pvt. Ltd. (2017 (3) TMI 1263 - BOMBAY HIGH COURT) We delete the addition made by AO and confirmed by CIT(A) on account of share application money as unexplained - Decided in favour of assessee.
|