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2023 (8) TMI 29 - AT - Income TaxAddition u/s 68 - assessee company failed to prove the genuineness and creditworthiness of the investor company - HELD THAT:- As in terms of our observations we set-aside the order of the CIT(Appeals) only to the limited extent he had accepted the claim of the assessee company of having received share application money from M/s. Kush Trading & Commerce Pvt. Ltd., i.e to the extent the same was sourced from the share application money received by the latter investor company from the aforementioned two concerns, viz. (i). Lectrodryer Marketing Pvt. Ltd; and (ii). Balsasaria Holdings Pvt. Ltd., with a direction to him to re- adjudicate the same after confronting the requisite material and affording a reasonable opportunity of being heard to the assessee company.
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