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Revenue Cannot Reopen Closed Cases on Previously Verified Share Capital
Case Law Details
- Case Name
- DCIT Vs P & R Engineering Services Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs P & R Engineering Services Pvt. Ltd. (ITAT Delhi)
Once ITAT Confirms Share Capital as Genuine in Earlier Years, Revenue Cannot Reopen the Pandora’s Box Again – Consistency Beats Bogus Entry Allegation
Assessee received share application money of ₹8.28 crores in AY 2010-11 from three companies. AO, relying merely on Investigation Wing information & the statement of an alleged entry operator, treated all three investor companies as paper entities & made addition u/s 68 holding that identity, creditworthiness & genuineness were not proved.
CIT(A) deleted the entire a...
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