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2019 (10) TMI 347 - AT - Income TaxAddition u/s 68 - unexplained cash credit - HELD THAT:- Turnover and profits of the share applicant company do not give any credence to the investments done with the assessee company while the revenue has brought on record all the evidences to prove that these share applicant entities are in fact shell companies. Rotation of the amount amongst the interconnected companies to provide share application money to each other has been clearly unraveled by the revenue. It is hereby held that the assessee has failed to discharge the primary onus to prove identity, creditworthiness and genuineness of transactions. Hence, relying on the facts enumerated above and judgments relied upon by the revenue, the addition made by the revenue u/s 68 of the Act is hereby confirmed.
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