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2018 (10) TMI 1430 - AT - Income TaxAddition u/s 68 - sum received by sale of an asset i.e. shares held by the assessee as investments from earlier years - Held that:- As there was no compliance this addition u/s 68 is made. In our view this is against the proposition of law laid down in the case of CIT vs Orissa Corporation(P)Ltd (1992 (7) TMI 5 - CALCUTTA HIGH COURT). We find that the share purchasers are all income tax assesses and they have filed return of income and the payments were made through account payee cheques and the share purchasers have confirmed purchase of the shares. There is no evidence with the revenue that the sale in question is a bogus sale. Under the circumstances the issue is whether addition can be made u/s 68. We are of the opinion that no addition can be made u/s 68. The assessee has discharged the burden of proof that is on it. There is no contrary evidence brought on records by the AO to disprove the claim of the assessee. Addition has been made on suspicion and surmises. - Decided in favour of assessee.
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