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2022 (9) TMI 506 - AT - Income TaxAddition u/s 68 - Bogus share capital received - unexplained cash credits - adition to be made in the hands of the subscriber company or recipient’s hands? - HELD THAT:- DR before us could not dispute that since the addition has been made in the hands of the subscriber company, then the same amount cannot be added twice in recipient’s hands u/s 68 - DR insisted that one to one transaction that is to say that the exactly same money has been received in the hands of the assessee has not been proved. No in the above contention of the ld. DR. It is not the case of the Revenue that the subscriber company has invested more than the amount it was added in its hands. In view of this, since the Revenue could not dispute the identity, creditworthiness of the subscriber as well as genuineness of the transaction, therefore, the addition made by the lower authorities is not sustainable and the same is accordingly ordered to be deleted. - Decided in favour of assessee.
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