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2021 (8) TMI 1166 - AT - Income TaxAddition u/s 68 - receipt of share capital and premium - whether Appellant has established the Identity, Credit worthiness and Genuineness (ICG Test) in respect of share capital and premium received from the three share holder companies during the assessment proceedings by filing various documents with the AO - HELD THAT:- We note that Hon’ble jurisdictional High Court in Veedhata Tower Pvt.Ltd. [2018 (4) TMI 1004 - BOMBAY HIGH COURT] has held that when all documentary evidences has been submitted by the assessee, and adverse inference is drawn only for non response by the concerned party, such adverse inference against the assessee is not sustainable. No adverse inference has been noted from the bank statement, balance sheet and other document of the parties from whom share capital & share premium has been received, which were duly filed before AO. Hence, the addition on merits also is not sustainable. Accordingly, on the touchstone of above Hon’ble jurisdictional High Court decision, we set aside the order of the authorities below and decide the issue in favour of the assessee
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