CIT v. Jay Dee Securities & Finance Ltd.

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The Tax PublishersIncome Tax Appeal No. 328 of 2010 & Income Tax Appeal Defec¬tive No. 153 of 2010 2013 TaxPub(DT) 0347 (All-HC) : (2013) 050 (I) ITCL 0522 : (2013) 350 ITR 0220 INCOME TAX ACT, 1961 --Income from undisclosed sources--Addition under section 68 Genuineness of share application money--Under section 68 primary onus of proving the entries found credited in the books to the satisfaction of assessing officer was of the assessee-company. Assessee produced the return of income filed by the relevant shareholders who had paid share application money. The confirmation of shareholders indicated the details of addresses, PAN and particulars of cheques through which the amount was paid towards the share application money. *Held:* On appeal, Tribunal treated the deposits as genuine and deleted the addition. Income Tax Act, 1961 Section 68 In the Allahabad High Court SUBSCRIBE FOR FULL CONTENT

The Tax PublishersIncome Tax Appeal No. 328 of 2010 & Income Tax Appeal Defec¬tive No. 153 of 2010
2013 TaxPub(DT) 0347 (All-HC) : (2013) 050 (I) ITCL 0522 : (2013) 350 ITR 0220

INCOME TAX ACT, 1961

--Income from undisclosed sources--Addition under section 68 Genuineness of share application money--Under section 68 primary onus of proving the entries found credited in the books to the satisfaction of assessing officer was of the assessee-company. Assessee produced the return of income filed by the relevant shareholders who had paid share application money. The confirmation of shareholders indicated the details of addresses, PAN and particulars of cheques through which the amount was paid towards the share application money. Held: On appeal, Tribunal treated the deposits as genuine and deleted the addition.

Income Tax Act, 1961 Section 68

In the Allahabad High Court