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2018 (3) TMI 672 - HC - Income TaxAddition u/s 68 - share application money - primary burden of establishing the identity of the applicant, the genuineness of the transaction and the creditworthiness of the party - Held that:- In this case, the assessee was a sick company; it pulled out of the woods in 2010. To tide over its financial sickness, apparently, it sought the help of the share applicants. The identity of those share applicants was clearly revealed. As noted by both the lower appellate authorities, no suspicion is attached to the said share applicants; moreover, the AO did not conduct any further enquiry except resting his conclusions on surmises. - Decided in favour of assessee.
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