Addition u/s. 68 restored on failure to discharge onus via evidence or material: ITAT Pune

ACIT Vs Prasanna Purple Mobility Solutions Private Limited (ITAT Pune)

ITAT Pune restored the assessment order as assessee neither filed any evidence nor provided material in an attempt to discharge the onus cast upon it in terms of provisions of section 68 of the Income Tax Act.

Facts- The assessee is a company engaged in the business of Transport operations. AO formed an opinion that income escaped assessment to tax based on the information that the assessee company issued shares of Face Value of Rs.10/- at a high premium of Rs.1584/-per share and received

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