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2023 (2) TMI 727 - HC - Income TaxAddition u/s 68 - basis for the issue of the share capital by the assess is not explained - HELD THAT:-Undisputedly, there is no unexplained cash credit uncovered by the AO. We are at a loss to understand as to how the aforesaid transaction has been brought under the ambit of Section 68 of the Income Tax Act. Prima facie we are inclined to accept the contention that no person familiar with the Income Tax Act, could possibly accept the said assessment order and the same is without application of mind. As noted above, there is no dispute as to the nature of the transaction. AO seems to harbour a view that the valuation is higher than the one disclosed by the assessee. Respondent prays for some time to seek instructions.
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