Credit worthiness cannot be doubted merely for meager income | Section 68 | Bogus share capital

Advertisement PCIT Vs Ami Industries (India) P Ltd (Bombay High Court) Tribunal noted that Assessing Officer had referred the matter to the investigation wing of the department at Kolkata for making inquiries into the three creditors from whom share application money was received. Though report from the investigation wing was received, Tribunal noted that the same was not considered by the Assessing Officer despite mentioning of the same in the assessment order, besides not providing a copy of the same to the assessee. In the report by the investigation wing, it was mentioned that the compa...