No Addition u/s 68 – Share Application Money Proven with Documents

Inter Publicity Pvt. Ltd. Vs DCIT (ITAT Mumbai) Introduction: The recent order from ITAT Mumbai, dated 17/10/2023, in the case of Inter Publicity Pvt. Ltd. vs. DCIT sheds light on the assessment year 2014-15. The appeal addresses concerns about additions under section 68 of the Income Tax Act related to share application money. Detailed Analysis: The order discusses the background, search operations, and assessments conducted on the assessee. It outlines the details of share capital received during the relevant year and the subsequent investigations initiated by the AO. The AO raised concerns ...