Addition u/s 68 - Transaction for transferring the shares as ...

Transfer of shares not classified as unexplained cash credit u/s 68 due to lack of adequate opportunity for assessee.

November 13, 2020

Case Laws Income Tax AT

Addition u/s 68 - Transaction for transferring the shares as discussed above has taken place in the subsequent years. This transaction can create a doubt/suspicion about the genuineness of the transactions but this is not sufficient enough to treat the share capital as unexplained cash credit u/s 68 of the Act for the reasons that the AO has not provided sufficient opportunity to the assessee - AT

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Addition u/s 68 - Transaction for transferring the shares as ...

Transfer of shares not classified as unexplained cash credit u/s 68 due to lack of adequate opportunity for assessee.

November 13, 2020

Case Laws Income Tax AT

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