Sec. 68 addition to be made in hands of share applicant for unexplained investment

ASR Wines [P] Ltd Vs ITO (ITAT Delhi) Conclusion: Where AO was of the view that a shareholder of assessee-company had no means to make the subscription of share capital, AO could have asked the source of investment from the shareholder and if the source was not properly explained, addition could have been made in the hands of shareholder as unexplained income but no addition could be made u/s 68 in the hands of assessee-company since it had discharged the initial onus cast upon it by virtue of provisions of section 68. Held: During the course of scrutiny assessment proceedings, AO noticed that...