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2019 (9) TMI 5 - AT - Income TaxAddition u/s 68 - Addition made on account of share capital and premium - HELD THAT:- As relying on M/S JANSAMPARK ADVERTISING AND MARKETING (P) LTD. [2015 (3) TMI 410 - DELHI HIGH COURT] we find in the present case the issue is involving an addition u/s 68 of the Act. The said provision requires an explanation to the satisfaction of AO regarding the three ingredients i.e identity, creditworthiness and genuineness of the transactions. As discussed above, the Assessing Officer discharged his duty in the remand proceedings by examining the additional evidences filed by the assessee before the CIT(A) and found satisfied with the correctness in respect of the three ingredients mentioned above. Therefore the ratio laid down by the Hon’ble High Court does not come to the rescue to the appellant-Revenue. Having considered the submissions of ld. DR, case laws as discussed above, the submissions of ld. AR and facts and circumstances of the case, the finding of the Assessing Officer wherein it establishes that the assessee proved identity, creditworthiness and genuineness of share subscribing companies and we find no infirmity in the order of CIT(A) and it is justified. Thus grounds raised by the Revenue are dismissed.
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