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COMMISSIONER OF INCOME TAX-9 ERSTWHILE CIT-VI Versus VRINDAVAN FARMS (P) LTD.

2015 (11) TMI 279 - DELHI HIGH COURT

Addition u/s 68 - ITAT deleted the addition - Held that:- Assessee by produced sufficient documentation discharged its initial onus of showing the genuineness and creditworthiness of the share applicants. It was incumbent to the AO to have undertaken .....

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e furnished to the AO and the AO fails to conduct an inquiry. The Court has observed that in that event no addition can be made in the hands of the Assessee under Section 68 of the Act and it will be open to the Revenue to move against the share appl .....

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Gurung, Junior Standing Counsel. For The Respondent : Mr Ved Jain and Mr Pranjal Srivastava, Advocates. ORDER 1. These appeals by the Revenue are directed against the common order dated 6th June 2014 passed by the Income Tax Appellate Tribunal ( ITAT .....

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y the Assessing Officer of ₹ 4,94,50,000/- to the income of the Assessee under Section 68 of the Income Tax Act, 1961 (Act)? The said issue in turn required examination of whether the Assessee had discharged the onus of proving the identity and .....

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169 and urged that the Assessing Officer (AO) was not required to point to the source from which the money was received by the Assessee . On the other hand, it was incumbent upon the Assessee to offer a satisfactory explanation regarding nature and .....

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ed in their Income Tax Returns. The entire details of the share applicants were made available to the AO by the Assessee. This included their PAN numbers, confirmations, their bank statements, their balance sheets and profit and loss accounts and the .....

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e AO completed the assessment only on the presumption that low return of income was sufficient to doubt the credit worthiness of the share holders. 4. The Court is of the view that the Assessee by produced sufficient documentation discharged its init .....

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