ITO v. Orbital Communication (P) Ltd.

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The Tax Publishers2009 TaxPub(DT) 1940 (Del-Trib) : (2010) 031 (II) ITCL 0327 : (2009) 125 TTJ 0484 : (2009) 029 DTR 0382 ITO v. Orbital Communication (P) Ltd. INCOME TAX ACT, 1961 Income from undisclosed sources - Addition under section 68 -Disclosure of facts Assessee received share application money from S. It filed income-tax return, copy of bank statement and PAN of S. AO made addition of amount of deposits under section 68 on ground of that S was not personally produced. Held: Since, assessee had produced substantial evidence to establish identity and credit-worthiness of S and, therefore, impugned addition made on mere non-production of S personally was not justified. Income-tax Act, 1961, Section 68 A.Y.:2007-08 Decision: In favour of assessee. Case Law Analysis:CIT v. Lovely Exports (P.) Ltd. [2008] 216 CTR (SC) 195 ITO v. Orbital Communication (P) Ltd. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2009 TaxPub(DT) 1940 (Del-Trib) : (2010) 031 (II) ITCL 0327 : (2009) 125 TTJ 0484 : (2009) 029 DTR 0382

ITO v. Orbital Communication (P) Ltd.

INCOME TAX ACT, 1961

Income from undisclosed sources - Addition under section 68 -Disclosure of facts

Assessee received share application money from S. It filed income-tax return, copy of bank statement and PAN of S. AO made addition of amount of deposits under section 68 on ground of that S was not personally produced. Held: Since, assessee had produced substantial evidence to establish identity and credit-worthiness of S and, therefore, impugned addition made on mere non-production of S personally was not justified.

Income-tax Act, 1961, Section 68

A.Y.:2007-08
Decision: In favour of assessee.

Case Law Analysis:CIT v. Lovely Exports (P.) Ltd. [2008] 216 CTR (SC) 195

ITO v. Orbital Communication (P) Ltd.