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No addition U/s 68 in absence of incriminating material during search
Case Law Details
- Case Name
- ACIt Vs M/s Moolchand Steels Pvt. Ltd. (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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ACIT Vs M/s Moolchand Steels Pvt. Ltd. (ITAT Delhi)
CONCLUSION –
No addition could have been made u/s 68 of the Act in view of the fact that no incriminating material was found during the course of search to which this impugned addition could be related.
FACTS –
During assessment proceedings AO observed that in FY 2005-06, 2000 shares were issued to M/s. Geefcee having face value of INR 100 per share at premium of INR 300 per share. Assessee was asked to establish genuineness of share capital and accordingly AO made addition of INR 80 Lakhs u/s 68.
It is also undisputed that the assessee g...
