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2023 (1) TMI 714 - AT - Income TaxAddition u/s 68 - unexplained cash credit in respect of share capital and share premium - HELD THAT:- Ratio laid down in the case of CIT Vs Orchid Industries (P) Ltd 2017 (7) TMI 613 - BOMBAY HIGH COURT by holding that provisions of section 68 of the Act cannot be invoked for the reasons that the person has not appeared before the AO where the assessee had produced on records documents to establish genuineness of the party such as PAN ,financial and bank statements showing share application money . In the instant case before us also, the assessee has furnished all the evidences proving identity and creditworthiness of the investors and genuineness of the transactions but AO as well as CIT(A) have not commented on these evidences filed by the assessee as well by the share subscribers. AO simply harped on the non production of directors of the assessee and share subscribing companies to make the addition which is not correct - we are inclined to set aside the order of Ld. CIT(A) by allowing the appeal of the assessee.
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