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2021 (3) TMI 51 - AT - Income TaxAddition u/s 68 - unexplained share application money - AO has made the addition on the basis that despite sending notices/summons, none of the directors of the assessee company nor the directors of the share subscribing companies appeared before him, therefore he made an addition - HELD THAT:- There was no sum of money/cash was involved in the transaction of allotment of shares to M/s SKJ Coke Industries Ltd. Therefore provisions of section 68 of the Act [unexplained cash credit] is not attracted as held by Hon’ble Madras High Court in M/s V R Global Energy Pvt. Ltd. vs. ITO [2018 (8) TMI 866 - MADRAS HIGH COURT] AND JATIA INVESTMENT CO [1992 (8) TMI 16 - CALCUTTA HIGH COURT]. So, looking from any angle addition u/s 68 was not factually or legally sustainable and so in the facts and circumstances as discussed above the addition was not warranted. Therefore, we do not find any infirmity in the order of Ld. CIT(A) and therefore we confirm the order of Ld. CIT(A) and do not find any merit in the revenue appeal, so, the grounds of appeal raised by the revenue are dismissed.
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