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2021 (2) TMI 1006 - AT - Income TaxAddition u/s 68 - bogus share capital & share premium - assessee could only filed the confirmation and acknowledgment of Return of Income - The investor companies are only paper companies - HELD THAT:- We have noted that the Lower Authorities have made addition after making proper enquires and giving full opportunity to assessee to prove the genuineness of transaction and credit worthiness of Investor Company. The assessee failed to prove that the transactions of share application money is genuine and the creditworthiness of Investor. Further, we have noted that the present appeal was filed in 2016, till date not a single piece of evidence is placed on record to prove the identity, genuineness of transaction of transaction and creditworthiness of the investor company. The assessee was given a number of opportunities to represent their cases, but the assessee failed to respond and honour the notices issued by this Tribunal. In view of the aforesaid discussion, we do not find any merit in the grounds of appeal raised of the assessee, accordingly, grounds of appeal raised by assessee are dismissed.
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