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2018 (2) TMI 1213 - HC - Income TaxTreating entire share capital of the assessee/appellant as its income - unaccounted income - Held that:- In the light of the provisions of Section 68 of the Act and the legal position referred to above, we are of the opinion that the assessee has failed to discharge its initial burden to prove that the money of ₹ 48,58,000/- was collected through share capital. Therefore, the A.O. is wholly justified in rejecting the stand of the assessee and treating the sum of ₹ 48,58,000/- as the income from undisclosed sources and accordingly charging the same to tax. Both the lower appellate fora and in our view rightly confirmed the order of the A.O. - Decided against assessee
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