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No Addition u/s 68 for share application money received in bank if assessee establishes identity of share applicants
Case Law Details
- Case Name
- Income-tax Officer Vs M/s Golden Home Furnishing 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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Indisputably, certain discrepancies crept in while furnishing the information requisitioned by the AO from the assessee in respect of the aforesaid amount of Rs. 10 lacs from M/s Melco Sales Pvt. Ltd. and Rs. 5 lacs from M/s Poonam Corporation Ltd. towards share application money vis-à-vis information obtained by the AO from the aforesaid two companies u/s 133(6) of the Act. After examining the relevant details and documents including bank statements of the assessee and share applicants, the ld. CIT(A) concluded that in view of the evidences on record, the mismatch as observed by the AO is du...
