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Income Tax - Highlights / Catch Notes

Home Highlights April 2021 Year 2021 This

Addition u/s 68 - undisclosed share application monies received ...

Income Tax

April 16, 2021

Addition u/s 68 - undisclosed share application monies received from 5 companies - AO could have carried out independent verification of all the parties by issuing summons under section 131 of the Act. The assessing officer has not made any further investigation to controvert the claims of the assessee but proceeded to make the addition heavily relying on the information of investigation wing - No addition could be made - AT

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