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2019 (4) TMI 1116 - AT - Income TaxAddition u/s 68 - unsecured cash credit - HELD THAT:- Principal officers of the share applicant company, were not produced by the assessee is undisputed. In case of the 2 share applicant companies, the summon issued also returned unserved. The one company, in which case though the summon was served, but no one attended before the AO in compliance of the summon. The share applicant companies have filed certain documents, including balance sheet and profit and loss account, bank statements etc. in form of paper trail. The companies have shown small amount of income in their hand, which is not sufficient to discharge their creditworthiness. The assessee has also not justified the high amount of the share premium taken. In view of these peculiar facts seen cumulatively in the light of various decisions relied upon by the learned DR including the decision of PCIT Vs NRA Iron and Steels Private Limited [2019 (3) TMI 323 - SUPREME COURT] , we uphold the finding of the CIT(A) on the issue in dispute. - Decided against assessee.
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