This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Once identity & creditworthiness of investors is established addition u/s 68 unsustainable
Case Law Details
- Case Name
- ACIT Vs Sri K V Madhava Verma (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13 & 2013-14
- Courts
- All ITAT, ITAT Visakhapatnam
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
ACIT Vs Sri K V Madhava Verma (ITAT Visakhapatnam)
Held that as identity and creditworthiness of the investors is established, merely because of delay in transferring of the shares to the prospective investors, the amount cannot be treated as unexplained investment u/s 68.
Facts-
The case of the assessee was selected for scrutiny under CASS and the statutory notices U/s. 143(2) and 142(1) of the Act were issued and served on the assessee. AO concluded the assessments by making additions of Rs. 5,22,70,600/- and Rs. 1,66,64,987/- for the AY 2012-13 and 2013-14 respectively. Agg...
Author Info
