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The only ground of appeal of the assessee is against the action of the Ld. CIT(A) in confirming the addition of Rs. 16 cr. u/s. 68 of the Income-tax Act, 1961 (hereinafter referred to as the “Act”) being the share capital and share premium received during the year.

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Sec. 68 of Income Tax Act, 1961—Cash Credit— Addition made under section 68 deleted as nature & source of the share application received was fully explained by the assessee and assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants, accordingly all the three conditions as required u/s. 68 i.e. the identity, creditworthiness and genuineness of the transaction was placed before the AO and the onus shifted to AO to disprove the materials placed before him and without doing so, the addition made by the AO and confirmed by CIT(A) are based on conjectures and surmises - SATYAM SMERTEX PVT. LTD. V/s DEPUTY CIT - [2020] 184 ITD 357 (ITAT-KOLKATA)