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2023 (2) TMI 838 - AT - Income TaxAddition u/s 68 - Unexplained share capital & share premium money received - addition made as investor companies have low income - HELD THAT:- Assets in the form of investments have been created through rotation of money in between the group companies and that the assets mainly consist of cash and cash equivalents. The above contentions raised by the CIT(A), in our view, are not enough to prove that any unaccounted money of the assessee has been introduced in the assessee company, warranting addition under section 68 of the Income Tax Act. Even after making elaborate exercise of examining the documents, CIT(A) could not point out any rebuttal to the above evidences furnished by the assessee to prove the identity, creditworthiness of the share subscribers and genuineness of the transaction. In the case of PCIT vs. Anmol Stainless (P.) Ltd. [2022 (2) TMI 649 - CALCUTTA HIGH COURT] has held that that where it has been sufficiently established that share applicants had substantial creditworthiness and investments had been made by assessee's own sister concern/group companies having mostly common directors and thus, establishing creditworthiness and genuinity of investments, additions under section 68 had been rightly been deleted. Appeal of assessee allowed.
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