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2023 (1) TMI 653 - AT - Income TaxAddition u/s 68 - unexplained credit on accounts of sum credited in the books of accounts of the assessee who received share capital and share premium - whether the addition u/s. 68 can be made when the assessee has not received any amount from the alleged party in the year under consideration? - HELD THAT:- Once the amount is not received in the year under consideration, there cannot be any sum found credited in the year under consideration as required for the purpose of section 68 of the Act. Hence, the addition made by the AO u/s. 68 of the Act in respect of M/s. Jaycee Industries Ltd. deserves to be deleted and accordingly, the ground of appeal of the revenue is dismissed.
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