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Income Tax - Highlights / Catch Notes

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Addition u/s 68 - genuineness of share application / share ...

Income Tax

September 23, 2022

Addition u/s 68 - genuineness of share application / share premium received - Once the undisclosed income declared under IDS-2016 have been accepted by the Department including accepting the fact that ultimate amount was taxed, same therefore, cannot be taxed in the hands of assessee-company again. - AT

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  10. Addition u/s 68 - onus to prove the identity, creditworthiness and genuineness of the share applicants - Both the nature & source of the share application received was...

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  12. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

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