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2018 (3) TMI 1592 - HC - Income TaxAddition u/s 68 - proof of identity, genuineness and creditworthiness of the shareholders - failure to establish the source of source - Held that:- The requirement to explain the source of source of funds in respect of amounts credited in the books of a company in which the public are not substantially interested as share application money was brought in the statute with the introduction of proviso to Section 68 of the Act by Finance Act, 2012. This proviso was introduced w.e.f. 1st April, 2013. Thus, it would have no application in respect of receipt of share application money received prior thereto. In this case, we are dealing with the issue of share application money in the previous year relevant to Assessment Year 2008-09. Therefore, the proviso to Section 68 of the Act would have no application. - Decided in favour of assessee
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