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2018 (7) TMI 833 - AT - Income TaxAddition made towards share capital u/s 68 - Addition only on reliance of the revenue from the remand report of the ld AO is the statements recorded from two directors of the assessee company in the course of proceedings of group company i.e. KTPL. - Held that:- These statements were subsequently retracted and the same were taken due cognizance by this tribunal while disposing off the appeal in the case of KTPL for Asst Year 2014-15 All the three ingredients of section 68 of the Act were duly satisfied in the instant case. We hold that the authorities below erred in making an addition u/s 68 of the Act towards share capital and share premium in these peculiar facts and circumstances of the case. Since the addition made towards share capital and share premium is directed to be deleted on these peculiar facts, the other legal issues raised by the assessee in its grounds are not required to be adjudicated and we refrain to give our opinion on the same and those issues are left open. Accordingly, the grounds raised by the assessee are allowed.
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