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Commissioner Income Tax, Siliguri Versus Hotel Silver Cascade Pvt. Ltd.

2016 (6) TMI 653 - CALCUTTA HIGH COURT

Addition u/s 68 - ITAT deleted the addition - Held that:- The share application forms, it is in evidence, were destroyed by fire. The point raised by the Assessing Officer is that the FIR lodged by the assessee does not contain any mention to the sha .....

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all the documents in the FIR, which were or may have been destroyed. Merely on the basis of this omission, it cannot be said that the assessee failed either to offer an explanation as regards the sum found credited in its books or that the explanati .....

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t and order dated 24th February, 2009 passed by the Income Tax Appellate Tribunal A Bench, Kolkata in ITA Nos. 799 to 802 (Kol) of 2008 pertaining to the assessment years 1999-2000, 2000-01, 2001-02 and 2003-04. The Assessing Officer made additions u .....

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icer. On these two grounds the Assessing Officer made additions under Section 68 with respect to the money which the assessee received on account of share application. The CIT(A) concurred with the views of the Assessing Officer. In an appeal preferr .....

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income tax. Once the assessee has established identity of share applicant and furnished their income tax file number the assessee has discharged the burden of proving the share application money. While taking this view we also derive support from th .....

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. Ltd. (supra) hold that the A.O. was not justified in treating the share application money as unexplained cash credit u/s. 68. The additions made by the AO for unexplained cash credit for the assessment year 1999-2000, 2000-01, 2001-02 and 2003-04 a .....

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