Share Application Money: Addition U/s. 68 not justified if AO not enquired on details submitted by Assessee

CIT (Central) Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) The preceding enumeration of the circumstances of the case show that the assessee had furnished all relevant data before the AO and the CIT(A), which, however, were not inquired into by the AO. Instead he obdurately adhered to his first impression and/or initial understanding that the entire transaction was neither creditworthy nor genuine. The assessee relied upon the documents to prove that the monies had been received through banking channels from its principal and other related companies; it had submitted the FIPB ...