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2019 (1) TMI 1344 - HC - Income TaxAddition of bogus share capital u/s 68 - rotation of money - rectification mistake - Held that:- The bogus share capital received on different days amounted to ₹ 5.72crores. The amount paid was not returned and refunded. This being the position, we are not inclined to accept the contention of the appellant-assessee that there was rotation of money and only bogus share capital of ₹ 1.55 crore should have been added as undisclosed credit under Section 68. The appellant-assessee states that ₹ 62 lacs was added as undisclosed cash credit for Assessment Years 19992000 to 2002-03. It is stated that the appellant-assessee has filed an application under Section 254(2) of the Act before the Tribunal on the said aspect. We would on the said aspect give liberty to the appellant-assessee to file an appeal after disposal and decision of the application under Section 254(2) of the Act. This would not bar the appellant from filing an appeal against the decision of the aforesaid miscellaneous applications.
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