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On submission of proof establishing identity and creditworthiness of shareholder share application money cannot be added to income
Case Law Details
- Case Name
- M/s. Smart Projects (P) Ltd. Vs. Income Tax Officer (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Delhi
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Smart Projects (P) Ltd. v. ITO (ITAT Delhi) – Assessee company has duly submitted all requisite documentary evidences before the Authorities below so as to discharge its onus of establishing the identity and credit worthiness of the shareholders and the genuineness of the transactions. That being so, looked at from any angle, the addition has wrongly been made in the hands of the assessee company, though the same ought to have been made, if at all, in the hands of the shareholders, as held in ‘Lovely Exports’.
INCOME TAX APPELLATE TRIBUNAL, DELHI
ITA No. 3045(Del)2010
Ass...
