Case Law Details
Sunshine Metals & Alloys Vs ITO (ITAT Mumbai)
Section 68 Bogus share capital- Assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants. The assessee has also furnished its bank statement to show that the money was received through banking channels and there were no immediate withdrawals from the banks which shows that the share application amounts have not been returned back to these parties in cash. Thus, the assessee has discharged the primary onus cast upon it to prove the identity, capacity and genuineness of transactions.
FULL TEXT OF THE ITAT JUDGMENT
This appeal filed by the assessee is arising out of the order of Commissioner of Income Tax-8, Mumbai [in short CIT(A)], in appeal No. CIT(A)-8/Cir.4/121/2012-13, order dated 28.02.2014. The Assessment was framed by the Income Tax Officer, Ward-4(3)4), Mumbai (in short ‘ITO/ AO’) for the A.Y. 2008-09 vide order dated 08-11-2012 under section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter ‘the Act’).
2. At the outset, the learned Counsel for the assessee stated that he is not interested in prosecuting the issue of reopening, which is raised by way of ground No.2 which reads as under: –
Please become a Premium member. If you are already a Premium member, login here to access the full content.
