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| The Tax Publishers2020 TaxPub(DT) 0743 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Considering totality of facts of assessee's case and in the interest of justice, issue was to restored to AO with direction to give one final opportunity to assessees to substantiate its case by producing directors of investor companies for recording of their statements and produce evidence to satisfaction of AO regarding identity and creditworthiness of investor companies and genuineness of the transaction of receipt of share capital/premium.
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Income from undisclosed sources - Addition under section 68 - Receipt of share capital/premium - Assessee pleading to have furnished documentary evidence and denial by AO to cross-examine alleged entry providers
AO on the basis of statement recorded during search in case of certain parties treated share capital/premium received by assessee as unexplained credit under section 68 and made addition. Assessee contended that it had filed various documents to sub stantiate identity and creditworthiness of share applicants and genuineness of transactions, however, despite request by assessee, no opportunity to cross/examine the persons who admitted to have received cash amounts from time to time from assessee for providing accommodation entries in the form of share capital and share premium to assessee, was provided.Held: Considering totality of facts of assessee's case and in the interest of justice, issue was to restored to AO with direction to give one final opportunity to assessees to substantiate its case by producing directors of investor companies for recording of their statements and produce evidence to satisfaction of the AO regarding the identity and creditworthiness of investor companies and genuineness of the transaction.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2015-16
INCOME TAX ACT, 1961
Section 250(4) Section 250(6)
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