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| The Tax Publishers2021 TaxPub(DT) 3871 (Sur-Trib) : (2021) 191 ITD 0155 INCOME TAX ACT, 1961
Section 68
All money either on account of share application or share premium was received during financial year 2007-08, relevant to assessment year 2008-09 and since no money either on account of share application or share premium was received in the concerned financial year, therefore, amount could not be subjected to addition under section 68 during financial year 2008-09, i.e., relevant to assessment year 2009-10.
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Income from undisclosed sources - Addition under section 68 - Receipt of share application and share premium - Amount received by assessee during preceding financial year
AO reopened assessment for assessment year 2009-10 on the reasoning that share application and share premium received by assessee was unexplained credit under section 68. Assessee challenged this. Held: All money either on account of share application or share premium was received during financial year 2007-08, relevant to assessment year 2008-09 and since no money either on account of share application or share premium was received in the concerned financial year, therefore, amount could not be taxed in the financial year 2008-09, i.e., relevant to assessment year 2009-10. Therefore, addition could not be sustained.
Relied: Ivan Singh v. Asstt. CIT (2020) 116 taxmann.com 499 (Bom) (Goa Bench) : 2020 TaxPub(DT) 1153 (Bom-HC), Dy. CIT, Cent. Cir. 2 Surat. v. Brijwasi Developers (P) Ltd. [ITA No. 1659-1660/Ahd/2012, dated 17-5-2017]
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2009-10
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