| The Tax Publishers2020 TaxPub(DT) 2897 (Del-Trib) INCOME TAX ACT, 1961
Section 68 read with section 69C
Where right from his query till framing of assessment order, AO proceeded to examine credits of share application money in light of section 68 and assessee itself, in all its replies, made submission in light of section 68, considering that inadvertently, while making addition, AO mentioned section 69C, wrong mention of section would not vitiate entire assessment.
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Income from undisclosed sources - Genuineness of amount received as share application money - Wrong mention of section by AO while making addition whether would vitiate entire assessment -
Assessee challenged addition of Rs. 2,01,50,000, being share application money. According to AO it was subjected to tax under section 69C of the Income Tax Act, 1961. Assessee contended that such unexplained credits were outside ambit of section 69C. Held: Right from his query till framing of assessment order, AO proceeded to examine credits of share application money in light of section 68. Assessee itself, in all its replies, made submission in light of section 68. It appeared that inadvertently, while making addition, AO mentioned section 69C. Wrong mention of section would not vitiate entire assessment. Moreover, CIT(A) in his order also acknowledged said inadvertent error.
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 68 read with section 69C
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