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2018 (4) TMI 1350 - AT - Income TaxAddition u/s 68 - unexplained share application received - Held that:- The ratio laid down by the Hon’ble Apex Court in the case of Lovely Export [2006 (11) TMI 121 - DELHI HIGH COURT ] is applicable in the present case as in this case only when the opportunity is given to the assessee in respect of proving the identity, genuineness and creditworthiness of the share applicant. CIT(A) has not taken cognizance of these three components while dismissing the appeal of the assessee. Therefore, it will be appropriate to remand back this issue to the file of the Assessing Officer. We further direct the assessee to produce these parties before the Assessing Officer along with the relevant details for verification and thereafter if no party was found the Assessing Officer with proper reasons make addition on this issue.
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