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2008 (7) TMI 546 - HC - Income TaxCash Credit - Share application Money - During the course of assessment proceedings, the Assessing Officer noticed that the company had received Rs. 50,00,000 from five parties on account of share application money. He made addition of Rs. 50,00,000 under section 68 of the Act holding that the assessee had not proved the creditworthiness of the applicants. The Commissioner (Appeals) confirmed the order passed by Assessing Officer. The Tribunal deleted the addition made. Held that - since the Tribunal had recorded findings of facts and had arrived at the correct conclusion of deleting the addition after appreciating the evidence on record., no substantial question of law rose.
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