Case Law Details
J. J. Development Pvt. Ltd Vs. CIT (Calcutta High Court)
Section 68 Bogus share capital: The appellant-assessee has referred to a judgment of this Court reported at 114 ITR 689 for the proposition that upon the identity of the person who has put in the money being established by the assessee, the onus is on the Revenue to discredit the explanation offered in terms of Section 68 of the Act. In the present case, there was no plausible explanation that was furnished by the assessee. At any rate, the identities of the alleged share applicants could not be established and the documents of the alleged share applicants carried by the assessee before the Assessing Officer did not reveal the investments that the assessee claimed such alleged applicants had made in the assessee.
In the light of such findings of the Assessing Officer which withstood scrutiny before final fact-finding body that is the Appellate Tribunal, it scarcely lies in the mouth of the assessee to question the propriety of the Assessing Officer having found the explanation furnished by the assessee to be unsatisfactory.
For the reasons aforesaid, particularly since the Assessing Officer found on facts that there was no plausible explanation justifying the cash credits and the Appellate Tribunal accepted the same, no substantial question of law is raised in this matter and ITAT 329 of 2016 and GA 2631 of 2016 are dismissed.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
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