When assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden

ITO Vs M/s Kailashpati Overseas Pvt Ltd (ITAT Delhi) – Whether the amount received by the assessee and sale receipts from sale of shares is rightly considered as income u/s 68 though the assessee furnished all the necessary documents to prove the transactions genuine and the AO did not investigate the modus operandi as was explained by the investigation wing – Revenue’s appeal dismissed. Whether when assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has dischar...