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The Tax PublishersITA Nos. 91, 69, 76 & 77/Gau/2017, ITA Nos. 93-96/Gau/2017, ITA Nos. 39-40/Gau/2017
2019 TaxPub(DT) 6444 (Gau-Trib)INCOME TAX ACT, 1961
Section 68
Assessee had furnished the full address of Mr. 'C' who was a coal dealer and had regular transactions with assessee and being a member of Scheduled Tribe, was exempted from income-tax under section 10(26), however, AO had not issued any process either section 131 or section 133(6), accordingly, mere fact that investor was an exempt assessee under section 10(26) did not give the impugned share application money the colour of unexplained cash credits.
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Income from undisclosed sources - Addition under section 68 - Receipt of share application money - Investor being exempt assessee under section 10(26)
AO treated share application money received by assesse-company from one 'C' as unexplained credit under section 68 on the ground that investor was an exempt assessee under section 10(26).Held: Assessee had furnished the full address of Mr. 'C' who was a coal dealer and had regular transactions with assessee and being a member of Scheduled Tribe, was exempted from income-tax under section 10(26), however, AO had not issued any process either section 131 or section 133(6). Accordingly, mere fact that investor was an exempt assessee under section 10(26) did not give the impugned share application money the colour of unexplained cash credits.
Distinguished:Pr. CIT v. NRA Iron & Steel Co. (2019) 412 ITR 161 (SC) : 2019 TaxPub(DT) 1628 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2006-07 to 2007-08 & 2012-13 to 2013-14
INCOME TAX ACT, 1961
Section 153A
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