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| The Tax Publishers2020 TaxPub(DT) 4905 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
Where AO, in order to verify genuineness of share application money received by assessee-company, issued notice under section 133(6) to investor companies, however, notice remained unresponded and assessee submitted that if assessee was required to produce representative director of investor company, the same could be attempted, AO was directed to issue necessary notices to assessee-company and to make necessary examination with respect to identity, creditworthiness and genuineness of transactions.
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Income from undisclosed sources - Addition under section 68 - Receipt of share application money - No response by investor to notices issued under section 133(6)--Assessee seeking to produce director/representative of investor companies
AO, in order to verify genuineness of share application money received by assessee-company, issued notice under section 133(6) to investor companies, which remained unresponsed. Accordingly, AO treated amount received by assessee as unexplained credit under section 68. Assessee submitted that at no point of time assessee was required to produce direcors of investor company. Held: Though notice issued by AO under section 133(6) had remained unresponded, however, assessee had submitted that if assessee was required to produce representative director of investor company the same could be attempted. AO was thus directed to issue necessary notices to assessee company and to make necessary examination with respect to identity, creditworthiness and genuineness of transactions. He would properly examine speaking order.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2012-13
IN THE ITAT, MUMBAI BENCH
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