Income Tax Act, 1961

--Income from undisclosed sources--Addition under section 68 Share application money and share premium--The law was amended under section 68 when specifically the share capital and share application money had been inscribed along with the cash credit which may be subjected to verification when the onus which lay upon the assessee remained un discharged has been made applicable with effect from 1-4-2013 only.

Income Tax Act, 1961 Section 68

Income Tax Act, 1961

--Income from undisclosed sources--Addition under section 68Share application money and share premium--If share application money was received by assessee from alleged bogus shareholders whose names were given to assessing officer, then department was free to proceed to reopen their individual assessments in accordance with law, but share application money could not be taxed in the hands of the assessee as unexplained cash credit who have followed the procedure of obtaining the share capital in accordance with the provisions of the Companies Act.

Income Tax Act, 1961 Section 68

In The ITAT, Cuttack Bench

K. K.Gupta, A.M. & K.S.S. Prasad Rao, J.M.

Asstt. CIT v. Dilip Constructions (P) Ltd.

ITA No. 213/CTK/2012 CO.No.26/CTK/2012

A.Y. 2008-09

14 February, 2013

Appellant by : S. K.Agarwal, AR