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2019 (3) TMI 1194 - AT - Income TaxUnexplained cash credit u/s 68 - share premium/share application money unexplained - HELD THAT:- The assessee has proved all the three conditions/ingredients which are required to be fulfilled such as genuineness, creditworthiness and identity of the investors and therefore the addition as made under section 68 by the AO is not correct. We are fully in agreement with the conclusion drawn by the Ld. CIT(A) reversing the order of AO by holding that all the three ingredients were duly specified. Therefore, we do not find any reason to deviate from the finding as given by the Ld. CIT(A) accordingly we uphold the order of Ld. CIT(A) and dismiss the appeal of the Revenue. Addition u/s 69C - disallowance being 5% of unexplained cash credit as made by the AO under section 69C as unexplained expenditure is also ordered to be deleted as the same does not survive at all. - Decided in favour of assessee
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