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2017 (1) TMI 1000 - ITAT DELHIAddition u/s 68 - unexplained share application money - proof of genuineness of the funds - Held that:- Assessee company has filed source to prove the genuineness of the funds invested in the shares of the assessee company. The Assessing Officer had no information about the accommodation entry alleged to have been received by the appellant. There is no statement with reference to these companies that they were providing accommodation entries. There was no cash deposit found in the bank accounts of these companies. Therefore, the addition made by the Assessing Officer on the basis of simply a letter received from Investigation Wing cannot be treated as accommodation entry and the addition cannot be sustained on the basis of such letter without bringing adverse materials on records. The assessee has furnished all necessary documents to prove the genuineness of the transactions and creditworthiness of the investor company before Assessing Officer. Hence, the addition made by the Assessing Officer u/s 68 of the I.T. Act of ₹ 40,00,000/- was rightly deleted by the Ld. CIT(A) - Decided n favour of assessee
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