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Income Tax - Highlights / Catch Notes

Home Highlights March 2021 Year 2021 This

Addition u/s 68 - Unexplained share capital - both the nature & ...

Income Tax

March 9, 2021

Addition u/s 68 - Unexplained share capital - both the nature & source of the share application and premium received by it was fully explained by the assessee. - assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants, thereafter the onus shifted to AO to disprove the materials placed before him. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified - AT

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