| The Tax Publishers2020 TaxPub(DT) 0309 (SC) : (2020) 268 TAXMAN 0394 INCOME TAX ACT, 1961,
Section 261 Section 68
Where the Department preferred SLP to appeal against the judgment of M.P. High Court in Pr. CIT v. Chain House International (P.) Ltd. [ITA Nos. 112, 110, 111, 113, 114, 115/2018, dt. 7-8-2018] : (2018) 408 ITR 561 (MP) : 2018 TaxPub(DT) 5193 (MP-HC), whereby the High Court noted that the ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of investor companies and held that assessee had discharged primary onus to prove their creditworthiness and genuineness, that ITAT in concurring with first appellate authority found that AO had made addition under section 68 without any reasonable basis, the Court held that once genuineness, creditworthiness and identity of investors are established, no addition could be made as cash credit on ground that shares were issued at excess premium, the Supreme Court dismissed the SLP.
|
Appeal (Supreme Court) - Special leave petition - Addition under section 68 - Share capital receipt however authorities
Department preferred SLP to appeal against the judgment of M.P. High Court in Pr. CIT v. Chain House International (P.) Ltd. [ITA Nos. 112, 110, 111, 113, 114, 115/2018, dt. 7-8-2018] : (2018) 408 ITR 561 (MP) : 2018 TaxPub(DT) 5193 (MP-HC), whereby the High Court noted that the ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of investor companies and held that assessee had discharged primary onus to prove their creditworthiness and genuineness, that ITAT in concurring with first appellate authority found that AO had made addition under section 68 without any reasonable basis, the Court held that once genuineness, creditworthiness and identity of investors are established, no addition could be made as cash credit on ground that shares were issued at excess premium. Held: The Supreme Court dismissed the SLP.
 SUBSCRIBE FOR FULL CONTENT
|