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Addition of Share Application Money deleted as Identity & Genuineness of Shareholders proved: ITAT Delhi
Case Law Details
- Case Name
- ACIT Vs Subharti Media 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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ACIT Vs Subharti Media Ltd (ITAT Delhi)
ITAT Delhi held that addition u/s. 68 of the Income Tax Act towards share application money, as unexplained credit, deleted as identity, genuineness and creditworthiness of the shareholders proved.
Facts- A search and seizure operation u/s 132(1) of the Act was conducted on 12.11.2010 in M/s Subarti KKB Charitable Trust and Dr. Atul Krishan group of cases. Pursuant to documents found relating to the assessee M/s Subarti Media Ltd. proceedings u/s 153C of the Act were initiated and notice was issued u/s 153C r.w.s. 153A of the Act. Thereafter, AO treated ...
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