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2017 (12) TMI 1356 - HC - Income TaxAddition u/s 68 - Held that:- In these cases the court was concerned with the orders of the Income Tax officers making additions of the share application money received by the assessee companies. In those cases, considering the fact that the assessee would not have any knowledge about source of the respective applicant or even their identity and the assessee having produced the share application form, the share certificates, the PAN card of the applicants was taken to have discharged their burden under Section 68 of the Income tax Act. According to us, such a factual situation is totally incomparable with the case of the assessee who has borrowed money from few known lenders whose creditworthiness and genuineness of the transaction were matters for the assessee to prove. The assessee having failed to discharge the burden of proof, the assessing officer, the 1st appellate authority and the Tribunal were fully justified in making the additions and confirming the same. - Decided against assessee.
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