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2023 (5) TMI 1047 - AT - Income TaxUnexplained cash credit u/s 68 - share application money received / share capital issued at premium -Genuity of investment by investor companies - AO primarily based on the statements of Entry Operator and the Directors of the investor companies that the entities were not existing at the address mentioned and the assessee did not produce the Directors for examination but only filed all the documentary evidences - HELD THAT:- Source of investment made against the share capital/ premium/ warrants, stands explained, as appellant and investor companies, have substantiated the same by furnishing evidences and proved the Identity, genuineness of transactions and creditworthiness of investor companies. Provisions of section 68 of the Act, are not attracted in the case of appellant, as investment by investor companies, is considered as explained. Therefore, in these facts and circumstances, we decline to interfere with the order of the ld. CIT(A). Decided against revenue.
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