Case Law Details
Case Name : ITO Vs Rakam Money Matters P. Ltd (ITAT Delhi)
Related Assessment Year :
Courts :
All ITAT ITAT Delhi
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The only issue here is the addition of Rs.60 lacs made by the Assessing Officer as unexplained credit on account of the share application money. On going through the facts of the case, we notice that assessee has filed the relevant details which it could have filed in support of its contention of having received the share application money from each of these shareholder companies.
The Assessing Officer has issued summons to the directors of these shareholder companies. In response there to, the directors have not Assessing Officer has not conducted any further inquiry for non-attendance of the...
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Really good judgement considering latest legal position.In this regard, argument related to newly instereted proviso to section 68 of the Income Tax alongwith Honble Apex Court Order in the case of Lovely Export, may have been made.