Section 68: AO Not Obligated for Further Inquiries till Assessees Fulfill Initial Onus

ITO Vs Sri Endarsh Investment & Finance Pvt (ITAT Delhi) In a noteworthy decision by the Income Tax Appellate Tribunal (ITAT) Delhi, the case of the Income Tax Officer (ITO) Vs Sri Endarsh Investment & Finance Pvt revolved around an important legal provision, section 68 of the Income Tax Act. The case shed light on the responsibility of the assessee in terms of unexplained share application money. Analysis: The matter in question was whether the CIT(A) was correct in deleting the addition of Rs.18 crores made by the AO on account of unexplained share application money under section 68...