Addition u/s 68 - bogus share application money and premium ...
Income Tax
September 13, 2021
Addition u/s 68 - bogus share application money and premium received by the assessee-company - sham transactions - Onus to prove - Here in this case, the investee companies are based outside Delhi and if he was not satisfied with the authorized representative sent by them, then at least he could not have issued a commission u/s.133(1)(d) to be examined by the local Income tax authority. Further, these authorized representative have adduced the document but nowhere Assessing Officer has pointed out what was lacking in such documents which was already submitted by these companies in reply to the notice u/s.133(6) and what extra he wanted to examine, has not been mentioned. - No additions - AT
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