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Addition u/s 68 unsustainable as documents supporting genuineness of share capital submitted
Case Law Details
- Case Name
- SVM Builders Pvt. Ltd. Vs DCIT (ITAT Indore)
- 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 Indore
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SVM Builders Pvt. Ltd. Vs DCIT (ITAT Indore)
Held that addition u/s 68 unsustainable as all the necessary documentary evidences in support of genuineness of share capital submitted by the assessee.
Facts-
Post search operations, AO framed the assessment on 30-01-2015 u/s. 153A r.w.s. 143(3) of the Act determining the total income of the assessee at Rs.7,50,00,000/- as against the Returned Income of Rs. Nil thereby making an addition of Rs. 7,50,00,000/-. The entire addition was made u/s. 68 of the Act, on account of share capital and share premium receipts, claimed to have been made by the ass...
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