| The Tax Publishers2020 TaxPub(DT) 0843 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
Assessee having filed PAN cards, confirmation letters, Income Tax Returns, bank statements, applications for allotment of shares, balance sheets of investors showing investments made by subscribers with assessee, memorandum of Association of the investor companies, list of shareholders, copy of share application form, copy of share certificates and form no.2 filed with RoC and also justification for charging premium on the basis of future prospect of applicant company, proved identity and creditworthiness of shareholders and genuineness of concerned share transactions, addition made by AO under section 68 on the basis of investigation wing report was wrong.
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Income from undisclosed sources - Addition under section 68 - Receipt of share capital/premium - Assessee proved identity, creditworthiness and genuineness
AO received information from investigation wing as to assessee having received accommodation entries in the guise of share capital / premium. Accordingly, AO reopened assessment and made addition under section 68. Held: Assessee having filed PAN cards, confirmation letters, Income Tax Returns, bank statements, applications for allotment of shares, balance sheets of investors showing investments made by subscribers with assessee, memorandum of Association of the investor companies, list of shareholders, copy of share application form, copy of share certificates and form no.2 filed with RoC and also justification for charging premium on the basis of future prospect of applicant company, proved identity and creditworthiness of shareholders and genuineness of concerned share transactions, addition made by AO under section 68 was wrong.
REFERRED :
FAVOUR : in assessee's favour
A.Y. :
IN THE ITAT, MUMBAI BENCH
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